Private Credit’s Growing Complexity Untested Through Market Cycles Click here to download report. Private credit (PC) markets remain resilient, despite recent challenges stemming from tariff-driven market volatility, slowing economic growth and a higher policy rate trajectory than initially anticipated at the beginning of the year…. Subscribe to Read MoreAlready a member? Log in here...
Daily Analytic: First-lien share of BDC portfolios continues to climb The first-lien share of BDC portfolios continues to edge higher, climbing to 86.4% in 1Q25, up 4 percentage points from a year earlier and 8 percentage points two years ago…. Subscribe to Read MoreAlready a member? Log in here...
The growing importance of geopolitics Given the high-profile and disturbing nature of tensions between certain countries, geopolitics weighs heavily on investors’ minds today. While the Ukraine-Russia war continues to rage, private markets investors are just as worried – in fact slightly more so – about simmering tensions between the US and China…. Subscribe to Read
Japan’s long-dated bond yields have moved up sharply so far in 2025. Source: The Daily Shot
“Rice supplies in Japan still low, with prices almost doubled since a year ago.” – Headline, Asia News Network. Always attuned to market conditions on the ground, we heard from friends in Tokyo last week that, incredibly, grocery stores were out of rice. The impact of hot, wet weather and dealers hoarding product has sent…
This week we look at questions from clients and friends surrounding the issue of tariffs. Not surprisingly, as we’ve discovered in our recent travels, interest in the topic has accelerated (see our Chart of the Week). The origin of the word is obscure. By one account, it derives from the Arabic “ta‘rif,” meaning “notification” or […]
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
US Leveraged Loan Launches Pick Back Up in May To Monitor Upcoming US Institutional Loan Issuance, run PREL <GO> from a Bloomberg Terminal Following a record drought between March 28 and April 16 in which 14 business days passed without the launch of a new US leveraged loan financing, the longest such streak since Bloomberg…
US middle market private debt fundraising stands at US$21.3bn so far in 2Q So far this quarter, LSEG LPC has tracked US$21.3bn of US middle market debt fundraising…. Subscribe to Read MoreAlready a member? Log in here...
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 11.3% as of 23 May) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses…