Unitranche spreads hover around recent market lows The most recent quarter was marked by intense competition among direct lenders and lower than hope for deal flow. In turn, spreads continued to hover around recent lows despite sporadic wider market volatility…. Subscribe to Read MoreAlready a member? Log in here...
Second-Busiest Day of Leveraged Loan Launches Brings Wave of Repricings Click here to access Bloomberg’s US Leveraged Finance Chartbook Following the most active single day of 2025 and the second busiest on record, the US leveraged loan market saw $61.7b in transactions launched to investors on Monday, July 21. By Wednesday, the weekly total had…
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.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 10.8% as of 21 July) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses…
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
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
Fitch Ratings Completes Peer Reviewof 12 US BDCs Fitch Ratings has completed a peer review of 12 U.S. business development companies (BDCs). Fitch has affirmed the Long-Term Issuer Default Ratings (IDRs) on 10 issuers and completed two Review – No Actions. The Rating Outlooks for Oaktree Specialty Lending Corp. and Blackrock TCP Capital Corp. remain…
Carveouts/divestitures as a share of all PE buyouts by quarter Download PitchBook’s Report here. Carve-out transactions are running at 10.6% of all buyout deals in 2025, which is comfortably above the five-year average of 8.7% and last year’s 10.1%…. Subscribe to Read MoreAlready a member? Log in here...
Average Minimum Day-One Capped Basket Capacity, YoY (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
In response to our Reflections on Wimbledon two weeks ago, a long-time Lead Left reader informed us that the famed tournament is expanding. While we had opined “no one is building new grass courts,” he learned that the All-England Club has purchased an adjacent 100-acre golf course. “Subject to zoning approvals,” he wrote, “plans include…