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Daily Analytic: Share of portfolios marked below 80% varies widely across BDCs *Based on universe of BDCs that have reported 4Q23 earnings as of 2/13/24 Looking at the universe of 24 BDCs that have published their 4Q23 results as of February 20, we see that credit quality statistics have been relatively stable, with notable differences…View Article
Fitch’s Private Middle Market Portfolio, Rating Activity Upgrades/downgrades in Fitch’s PMM portfolio are generally skewed toward downgrades, as issuer ratings can be constrained on the upside based on limited scale. Downgrades outpaced upgrades in 2023 as pressure from higher interest rates affected the FCF and financial flexibility of issuers in lower rating categories…. Login toView Article
Investors bullish on returns Private debt’s recent outperformance of private equity has bolstered faith in its ability to beat performance benchmarks. Another boost was given to believers in a private debt ‘golden age’ last week, with a report from Bloomberg suggesting private debt fund returns beat those for private equity for two quarters in a…View Article
BDC portfolio marks edge higher in most recent quarter* *Based on universe of BDCs that have reported 4Q23 earnings as of 2/13/24 BDC earnings season is in its early stages, with the vast majority of funds still yet to file. However, taking a look at the 16 BDCs that have published their 4Q23 results as…View Article
GPs target APAC’s emerging private debt market APAC’s nascent private debt market is witnessing significant growth, with the amount of capital targeted by direct lending funds rising to $11.7bn from 45 APAC-focused vehicles at the end of 2023, up from $7.3bn by 40 funds at the start of the year, according to Preqin data…. LoginView Article
Beginning 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.