Covenant Trends – 5/19/2025
Distribution of MFN Sunset Horizons (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
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Debtwire Middle-Market – 5/19/2025
Loan bid-price collapse halts record-breaking refinancing volumes – DebtDynamics NorthAm The wave of repricing deals seen at the start of the year is not expected to return until the percentage of loans trading above par in the secondary market bounces back. … Subscribe to Read MoreAlready a member? Log in here...
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PDI Picks – 5/19/2025
Can the asset class again prove its resilience? Delegates at the recent Europe Summit heard views on how different parts of the market will weather the challenges. Our recent Private Debt Investor Europe Summit drew LPs, GPs and advisers from all corners of the globe, keen to discuss a rapidly changing environment and what they…
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Chart of the Week: Collateralized Loan Observations
Since the Fed began its rate hike regime in March 2022, MM CLO activity has grown. Source: PitchBook
Letter from Tokyo (First of a Series)
We began our visit to Tokyo this week attending S&P’s Structure Finance Seminar 2025. Along with almost 200 Japanese bankers and investors, we heard senior ratings analysts and leading CLO market participants discuss trends and outlooks for global leveraged finance, CLOs and other securitized strategies. Our panel was entitled, “Private Credit, Middle Market CLOs and…
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Letter from Kuala Lumpur (First of Two Parts)
Last month our travels took us to Malaysia’s capital, Kuala Lumpur, a city of about 2 million. There we met with clients and friends who are participating in the country’s move towards private credit. One indicator is the recent decision by Malaysia’s sovereign wealth fund, Khazanah Nasional (KN), to dedicate investment ringgits to medium-term enterprises […]
Middle Market & Private Credit – 5/12/2025
Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q25 Click here to learn more. In the charts above, Fitch presents aggregate data for issuers in its privately monitored rating (PMR) portfolio. Fitch privately rates these issuers on behalf of asset managers…. Subscribe to Read MoreAlready a member? Log in here...
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Leveraged Loan Insight & Analysis – 5/12/2025
Proportion of US loans trading north of par edges up modestly following headline volatility In the wake of headline making talk of tariffs – and implicitly fears of a trade war – in April US loan investors pulled back in the secondary causing average bids to come off highs before showing signs of a modest…
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Debtwire Middle-Market – 5/12/2025
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 11.7% as of 9 May) that tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses…
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There’s a New Tariff in Town (Second of Two Parts)
One criticism of private credit goes something like this: “Sure, private credit has a pretty good track record. But that’s because it’s never been tested by a real recession.” The point is valid for most direct lenders. According to one study, only 5% of those managers were around before 2009. But during the past 16…
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