Source: KBRA DLD, by volume. The Direct Lending Index comprises $300 billion (3,000 borrowers); the LMM Index includes $20 billion (800 borrowers). Shifts to PIK and covenant violations are excluded. The non-accruals direct lending and lower middle market rates are at 2.4% and 1.7%, respectively. The KBRA DLD Leveraged Loan Index represents over $1.5 trillion in outstanding volume, and the KBRA DLD High Yield Index totals over $1.3 trillion in outstanding volume.
(Past performance is no guarantee of future results.)
Latest news
US Leveraged Loan Launch Activity Moderates in July
The US leveraged loan market has recorded $14.01b of new launches through Wednesday, July 22, following $20.91b of issuance the…
US Direct Lending Spread Per Turn of Leverage Widens
Wider spreads and slightly lower leverage provided lenders with better risk-adjusted pricing across all deal sizes in the second quarter.
Concentrated Effort
Tech deals favored upper end of market, especially in 2021 when software valuations peaked. Source: KBRA DLD Research