Chart of the Week: Midcaps Motor On
Through Covid and rate hikes, middle market loan issuance has tracked up. Source: LevFin Insights, a Fitch Solutions company
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Private Credit – The Final Reckoning (Second of a Series)
Those who talk about risks in private credit should also keep in mind that investors always look at relative risk. For example, Moody’s analysts observe that without a sustained downturn since the GFC, “private credit has not been truly tested, only quizzed.” Fair enough. But how did public credit fare over that period? As the…
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Letter from Tokyo (First of a Series)
We began our visit to Tokyo this week attending S&P’s Structured Finance Seminar 2025. Along with almost 200 Japanese bankers and investors, we heard senior ratings analysts and leading CLO market participants discuss trends and outlooks for global leveraged finance, CLOs and other securitized strategies. Our panel was entitled, “Private Credit, Middle Market CLOs and […]
Middle Market & Private Credit – 6/9/2025
Private Credit’s Growing Complexity Untested Through Market Cycles Click here to download report. Do Banks Face Financial Stability Risks from Private Credit (PC) Exposure? The financial stability risks from banks’ direct exposure to PC are currently limited despite its rapid growth over the last several years. This is largely due to the typical structure of…
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Bloomberg: Leveraged Lending Insights – 6/9/2025
US Leveraged Loan Issuance Picks Up in May, Accelerates in June Click here to access Bloomberg’s US Leveraged Finance Chartbook May’s 41 deals for $31.6b was up $21.4b, or 210% from April’s $10.2b, bringing year-to-date volume to $381b (down 31% from last year). In percentage terms, May’s rebound from April is the strongest since last…
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Leveraged Loan Insight & Analysis – 6/9/2025
Loan funds post 4 consecutive weeks of inflows Following the bout of market volatility and accompanying large outflows posted in April, both loan funds and high yield bond funds have turned the corner and posted inflows in recent weeks as investor sentiment improved across asset classes…. Subscribe to Read MoreAlready a member? Log in here...
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Debtwire Middle-Market – 6/9/2025
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 11.1% as of 6 June) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses…
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LevFin Insights: High-Yield Bond Statistics – 6/9/2025
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Covenant Trends – 6/9/2025
Average Free-and-Clear as a Multiple of Pro Forma Adjusted EBITDA (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
KBRA Direct Lending Deals: News & Analysis – 6/9/2025
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com