The investor view from Asia The need for income and the attractive risk/return profile of senior strategies are among the reasons why private debt is popular among LPs based in APAC. Private Debt Investor’s recent APAC Forum in Singapore featured many views and insights from leading investors in the region. As our chart shows, appetite…
How Do Covenants for Private Credit Loans Compare to Broadly Syndicated Loans? Download FitchRating’s Report here. While liability management exercises (LMEs) are not necessarily prohibited in direct lending documents, they are considerably less common than in the BSL market. We have yet to observe LMEs in the private credit portfolio rated for asset managers…. Login
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Why is portfolio construction such an important concept for analyzing private credit managers? The answer seems obvious, but it’s more than ensuring defaults and loses are minimized. As the asset class has grown to dominate the debt capital markets, questions persist around its durability. How will the asset class perform in a real downturn? Will…
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 10.9% as of 11 April, down from the highest level in last 12 months of 12.1% in May 2023) that tracks the overall performance…
Market observers now think a rate cut at the Fed’s June meeting is unlikely. Source: The Daily Shot(Past performance is no guarantee of future results.)
Now that the liquid loan market is opening, albeit with mostly refinancings, larger issuers have more choices. This is actually a good and natural thing. For those companies willing to go through the ratings and syndication processes in the bank market, terms can be competitive. Financing choices now include leading private credit managers who offer […]
TTM Default Volume, Count (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Family offices warm to Infrastructure, private debt, and hedge funds Private equity is the main alternative asset class for family offices, with 58% of those tracked by Preqin active in the strategy, ahead of real estate (46%). However, while just 21% of family offices are active in hedge funds and private debt and 20% in…
Healthcare companies made up 36% of all Chapter 11 filings in 1Q24 Source: Debtwire Restructuring Database A guide to distress in healthcare Overall, during the first quarter of 2024, there were 35 Chapter 11 applications for total debt of USD 15.4bn, of which 12 were healthcare companies, or 36% of all Chapter 11 filings, per Debtwire’s Restructuring Database….