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Debtwire Middle-Market – 2/28/2022

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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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Private Debt Intelligence - 2/28/2022

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Private debt sees continued consolidation among fund managers As private debt continues to grow, so does the size of its largest funds. In Q1 to Q3 of 2021, the top 10 managers in the asset class by AUM accounted for 42% of all capital targeted, while their smaller peers outside of the top 50 attracted…

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PDI Picks – 2/28/2022

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Europe has maintained its deal discipline Despite some inflation effects being felt, the overall picture is rosy for those operating in the market. A new report from investment banking advisory firm Lincoln International highlights some of the trends from a strong year for deals in Europe in 2021. One area for concern in previous Lincoln…

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Capital Markets Outlook: Cov-lite Spotlight

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Historically, covenant-lite was not a topic for much conversation in the middle market, as these loans were seen mostly in the broadly syndicated market. However, as the market has evolved, competition has intensified and lines have blurred between public and private credit. Cov-lite has increasingly gained share among smaller, unrated loans. What prompted this change? […]