US lenders committed to US$337.5bn in M&A loan volume in 2024, an increase of 40% compared to the 13 year low marked by 2023 totals. In the investment grade space, lenders raised over US$153bn in loan credits to back acquisition deals, up 27% year over year, as a flurry of large, transformative undertakings came to market, to supplement smaller corporate tack on transactions. Among leveraged issuers – despite lender hopes – any developing M&A pipeline was liimited at best. At US$84bn, 2024 buyout volume was over two times year ago levels (which at less than US$40bn, marked a 20 year low) but only represented a thin 8% of total sponsored loan volume for the year, the smallest pro rata share on record.
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Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.