What goes up… 2017 was one heck of a fundraising year that saw stratospheric amounts of capital raised. 2018 will be a regular one. PDI private credit fundraising numbers for the first six months of the year fell by nearly half compared to the same time last year, plummeting from $111.96 billion to $59.81 billion,…
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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“2018 will be a good year for loans.” Back in January, that was the way we characterized what to expect in leveraged loan land for the year ahead. At the half-way mark, our forecast seems to be holding true. According to Thomson Reuters LPC, volume for the entire loan syndication market in the US hit…
Sponsored loan activity in the middle market is running at a faster pace than last year; on pace for best year since 2007.
This week we continue our conversation with Thomas A. Stewart, executive director for the National Center for the Middle Market. The Center is the leading source for knowledge, leadership and research on midsized companies, based at the Fisher College of Business at The Ohio State University. Mr. Stewart is an influential thought leader on global…
Investors Flock to US Lower-Middle-Market Private Debt A Preqin/NXT Capital survey of 78 institutional investors investing in private debt found that 45% believe that the private debt market is at a peak and that assets are overvalued, leading investors to believe that the coming months will see a correction. In response, investors are looking increasingly…
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Credit Events often make the headlines in the CDS market, for good or ill. But the ISDA Determinations Committee also make other decisions, most often on Succession Events. These are typically straightforward determinations resulting from corporate actions such as mergers and acquisitions. In short, they are part and parcel of a CDS market that in…
Unitranche spreads continue to decline amid intense competiton in the middle market Even though the leveraged loan market has seen some modest investor pushback on pricing and terms due to a voluminous supply market, the middle market remains insulated and heated. Lenders indicate no pushback is evident on smaller deals as the middle market remains…