Featuring Charts
Chart of the Week: Stepping Down
Private borrower covenant (not payment) default rates fell for third straight quarter. Source: Lincoln International Proprietary Private Market Database(Past performance is no guarantee of future results.)
Read MoreChart of the Week: Refi Madness
The reversal of refinancings between direct lenders and the liquid market is dramatic. Source: PitchBook LCD(Past performance is no guarantee of future results.)
Read MoreChart of the Week: Spready as She Goes
Despite modest spread softening, direct lending yields remain at record levels. Source: LSEG LPC(Past performance is no guarantee of future results.)
Read MoreChart of the Week: Vehicle Sales
New CLO formation so far in 2024 has been the second fastest start ever. Source: PitchBook LCD (Past performance is no guarantee of future results.)
Read MoreChart of the Week: Wait Expectations
Expectations for Fed rate cuts soften as the economy remains strong. Source: The Daily Shot(Past performance is no guarantee of future results.)
Read MoreChart of the Week: Larger for Longer
Echoing dynamics in the loan market, corporate debt maturities have lengthened. Source: Bloomberg, Goldman Sachs Global Investment Research(Past performance is no guarantee of future results.)
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Features
Private Debt Intelligence – 3/25/2024
North American-based private debt AUM hits $1tn Private debt in North America has overtaken real estate in 2023 to become the second largest private capital asset class by assets under management (AUM), topping $1tn for the first time. AUM grew 18% in H1 2023, faster than private equity (13%), and private capital markets overall (11%)….
View ArticleLeveraged Loan Insight & Analysis – 3/25/2024
BDC assets under management reach a new high of US$315bn BDC assets under management (AUM) reached a new high of US$315bn at the end of 2023. The new record represented a 4% increase during 4Q23 and a 15% gain over the course of the year…. Login to Read More...
View ArticlePDI Picks – 3/25/2024
Volatile times, but no distressed boom Capital raising for distressed and special situations strategies has remained at modest levels since hitting a peak in 2019. Fundraising for distressed and special situations strategies has remained remarkably consistent, even as the long-term effects of the covid pandemic, rising inflation, war in eastern Europe and the continuing fear…
View ArticleLeveraged Loan Insight & Analysis – 3/18/2024
Daily Analytic Survey: What is your expectation for middle market M&A lending in 2Q24 relative to 1Q24? According to preliminary results from LSEG LPC’s quarterly middle market lender outlook survey, a large majority, nearly 70%, of respondents think that there will be a moderate increase in M&A activity in 2Q24, compared to 1Q24. Another 26%…
View ArticlePDI Picks – 3/18/2024
LPs follow the pack Our research indicates investors are keeping faith with mainstream strategies – at least for now. Conservatism appears to be the driving force for many investors in private debt, our LP Perspectives 2024 Study suggests. When it comes to fund strategy, direct lending has long been the most favoured option for investors…
View ArticleBeginning in July 2022 The Lead Left published a series of articles on credit market. This report consolidates those articles.
Cov-lite trends Inflation & rising interest rates – LIBOR to SOFR transition Mega-tranche uni trend ESG takes center stage Login to view interactive report and download PDF version. … Login to Read More...
Beginning in September 2021 The Lead Left published a series of articles on supply chain. This report consolidates those articles.