A handful of larger BDCs failed to cover dividend in 1Q21 Larger BDCs, including Owl Rock and Ares Capital Corp, saw lower net investment income levels for 1Q21, raising concerns over dividend coverage. BDCs generally use NII per share as a measure of whether their earnings can continue to support the declared dividend…. Subscribe to
Source: LevFin Insights Source: LevFin Insights Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenberg robert.polenberg@levfininsights.com
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…
Long-dated fund market is growing Download PitchBook’s Report here. Long-dated funds are growing in popularity. A new analyst note from PitchBook takes a closer look at the growing market, generally defined as funds built to last for 15 years or more. It’s a relatively new phenomenon that started less than a decade ago, but has since…
“We are in a new era with the Fed. They have a new reaction function…[and] this is their first trip around the track with it.” – Anne Mathias, senior strategist, Vanguard. Inflation, or the threat of it, presents challenges for both regulators and investors. Higher inflation generally impacts fixed income assets negatively as increased rates…
Despite the threat of higher prices, long-term interest rates have eased, supporting bonds of all stripes.
Average fund size in private debt increasing in 2021 The average fund size in private debt has increased by almost $200m between 2020 and 2021 so far. In 2020, 244 funds raised aggregate capital of $160bn, resulting in an average fund size of $743m…. Subscribe to Read MoreAlready a member? Log in here...
Average New-Issue Clearing Spreads (Single B) and Covenant Terms for PE-Backed First-Lien Institutional Loans (Past performance is no guarantee of future results.) Contact: Steven Miller