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Leveraged Loan Insight & Analysis - 1/3/2022

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Record US$1.8tr of US leveraged issuance clears market in 2021 In the absence of major market blips or deepening concerns around deteriorating credit quality, US leveraged lenders supported nearly US$1.8tr in loan and bond issuance in 2021, the highest total on record.  The unabated presence of Covid-19 certainly impacted lender operations in so far as…

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Debtwire Middle-Market – 1/3/2022

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Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index…

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The Pulse of Private Equity – 1/3/2022

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Predicting the year ahead Download PitchBook’s Report here. Every year, PitchBook gets into the prediction game. This year’s US Private Equity Outlook has 7 predictions, including an intriguing one for middle market software investment. 2021 set records for PE software activity – 317 deals totaling $45 billion in aggregate value. For 2022, we’re predicting 400 software…

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All Ahead Full: Private Credit Outlook 2022 (Last of a Series)

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We planned last year to publish a special series on Environmental, Social and Governance (ESG). Unlike most topics in our commentaries, the origins and complexities of ESG were unfamiliar. To the rescue came our Nuveen colleagues, a Responsible Investing team of close to thirty ESG professionals. Of course, risk management is core to Churchill’s own…

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