Featuring Charts
Chart 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.)
Read MoreChart of the Week: Four More Years
The bulk of private debt doesn’t start maturing until 2027, peaking in 2028. Source: KBRA DLD(Past performance is no guarantee of future results.)
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Features
Leveraged Loan Insight & Analysis – 3/11/2024
Nearly US$15bn of US LBO loan volume completed as BSL market strengthens The US BSL market has completed nearly US$15bn of loan volume backing sponsor buyout activity so far this year, up over 2.5 times year ago totals. The loan market as a whole has been more constructive early in 2024 with the buyer/seller gap…
View ArticlePrivate Debt Intelligence – 3/11/2024
LPs target private debt for reliable income streams Private debt investments provide LPs with reliable income streams through contractual repayments, which are particularly attractive in an uncertain macroeconomic environment. Portfolio diversification and high-risk adjusted returns were the second most common reasons cited by investors surveyed by Preqin for allocating to private debt…. Login to Read
View ArticleMiddle Market & Private Credit – 3/11/2024
What Investors Want to Know: Middle Market CLO Manager Assessment Considerations Download Fitchratings’ Report here. Given the increased interest and overall expansion of the private credit sector, Fitch Ratings highlights key elements of its assessment of the capabilities of middle market (MM) CLO managers that are different (due to relevance) from that of a broadly…
View ArticlePDI Picks – 3/11/2024
Signs of hope in Asia-Pacific As the Middle East grows in significance as a source of capital and travel resumes post-covid, Asia-based GPs are hoping they can find backing for the region’s big investment themes. It’s an arresting statistic: by 2050, more than half of the world’s GDP is expected to be accounted for by…
View ArticleMiddle Market & Private Credit – 3/4/2024
Median Leverage and Coverage Fitch’s privately covered MM portfolio is comprised of generally smaller issuers (with average EBITDA of $55 million, average revenue of $296 million and average debt of $322 million). The portfolio is comprised of issuers in the b+* to c* range (asterisk denotes Credit Opinion)…. Login to Read More...
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.