Private debt nowcast vs. reported returns Download PitchBook’s Report here. The Private Debt Barometer currently holds a stable, slightly positive score of 53, with a nowcast of 2.6% and a desmoothed nowcast of 2.9% for Q2 2025…. Subscribe to Read MoreAlready a member? Log in here...
US LevFin issuance slips to US$200bn despite historically active August For US LevFin, we saw trends of previous months continue to play out in August: (1) Defense over offense, with issuers largely focused on managing liabilities versus making acquisitions; (2) Strategic M&A driving the majority of underwritings; (3) Rate-sensitive LBO trades struggling to catch bids…
Business services and tech remain strong sectors for LBO candidates. Source: KBRA DLD
We recently joined several colleagues on an excellent PDI podcast – “New Era of Private Credit” – for a wide-ranging discussion of investment topics. We’ll include a link to the final published version when available but thought it would be profitable to expand on the conversation. Let’s begin with this question: “What is driving the…
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield The blue line in the chart is the current dividend yield of the *VanEck BDC Income ETF (currently at 11.2% as of 12 September) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses…
The differing priorities of LPs and GPs Investors and fund managers have diverging priority lists according to a survey. The current fundraising environment has given rise to distinct challenges for market players and there is some misalignment between LPs and GPs on which issues are the most pressing…. Subscribe to Read MoreAlready a member? Log
Share of New-Issue Institutional Loans with a Pick-Your-Poison Provision by Quarter (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Rolling one-year PE fund returns Download PitchBook’s Report here. A review of desmoothed returns and the desmoothed nowcast over a rolling one-year horizon shows that PE fund returns significantly exceeded fundamental expectations implied by macroeconomic conditions throughout 2021 and 2022…. Subscribe to Read MoreAlready a member? Log in here...
US Leveraged Loan Returns Cool to 0.32% in August Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.32% in August, bringing its year-to-date return to 4.00%. Average secondary market prices on US leveraged loans were 96.92 on September 9th after declining slightly from…