Premium for MM direct lending loan yields over large corporate credits averaged 265bp in 2Q24

LSEG (1)
LSEG|July 23, 2024
Content hub / Article / LSEG / Premium for MM direct lending loan yields over large corporate credits averaged 265bp in 2Q24
Download

Share

Pricing tightened across all market segments in 2Q23 as demand for assets outpaced supply. This enabled borrowers to obtain more attractive pricing on new credits and refinance existing debt. The average yield on first-lien middle market term loans for direct lender-led deals tightened by 31bp to 11.43% in 2Q24, while middle market syndicated credits declined by 43bp to 9.98%. Large corporate syndicated term loan yields tightened by 29bp to 8.78% on average. In turn, the yield premium for direct lender-led deals over large corporate deals was relatively flat at 265bp in the most recent quarter.

Contact CJ Doherty
Download

Share

Making sense of private credit defaults

Webinar

Making sense of private credit defaults

What does private credit default data really tell us? Join our exclusive webinar featuring experts from KBRA, Moody's, Fitch Ratings, and S&P Global to find out.
Register
US Private Credit League Tables H1'26

Report

US Private Credit League Tables H1'26

The definitive rankings covering private credit activity in H1'26.
Download
PitchBook's Q2 2026 US PE Breakdown

Report

PitchBook's Q2 2026 US PE Breakdown

Software freezes and energy powers on as US PE deal value falls 38% in Q2 2026.
Download
Private Debt Investor New York Forum

September 15-16, Hudson Yards, New York

Private Debt Investor New York Forum

Bringing together the investors, managers and advisers shaping the next phase of the market — 200+ allocators and $10.6 trillion of LP capital expected. Benchmark strategies, hear from leading LPs, and cut through market noise over two unmissable days.
Learn more
Credit Journal-Private Credit

Report

Credit Journal-Private Credit

Fitch Ratings’ latest Credit Journal series is a subject-specific, curated compilation of in-depth research and commentary. This edition explores the growing world of private credit, including non-bank lending across business development companies.
Download

Latest news

See all stories
    Article | PitchBook

    Multiples on PE buyouts

    August 6, 2026

    This quarter marks our integration of SPI by StepStone as the primary source for US buyout valuation metrics for the PE Breakdown.

    Read More
    Article | Bloomberg

    US Leveraged Loan Issuance Slows to $76.5b in July

    August 6, 2026

    The US leveraged loan market has continued to slow from the May level of $104.7b, with approximately $76.5b priced in…

    Read More
    Article | KBRA DLD

    KBRA DLD Default Indices

    August 5, 2026
    Read More
See all stories