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…
Exits are way down Private equity’s mid-year report card includes many of the same headwinds and tailwinds we’ve discussed in the past. One big one stands out. According to our US PE Breakdown Report, to be released this Friday, PE-backed exits had a very slow first half. Timing often plays a role—the rush to get…
Cliffwater’s analysis of risk premiums across asset classes shows a broad range of returns above Treasurys.
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Losses incurred by direct lenders tend to follow a pattern based on the experience of each manager. Source: Cliffwater LLC
With the July 4th holiday weekend looming, readers of last week’s column on shark tracking have asked how they can keep informed of Cabot’s progress. That particular denizen of the deep was last heard from about two weeks ago off the coast of Bar Harbor, Maine. You can follow him at ocearch.org (https://www.ocearch.org/tracker/?details=312). We continue…
1H19 Leveraged lending down 44% y-o-y; Leveraged loan volume off 53% Renewed focus on credit quality and increased market volatility combined gave rise to increased selectivity among leveraged loan investors, despite a lighter 2Q19 deals calendar. At US$255.35bn, 2Q19 total leveraged lending was up slightly compared to 1Q19 results but down 45% compared to the…