The share of private credit transactions with allowances for incremental debt grows as the issuer ebitda increases.

Middle market sponsored loans without maintenance covenants sport leverage a full turn above those with covenants.

New CLO formation for the coming year is projected by market participants to approach 2017 levels.

Over the past decade, middle market loans showed better loss rates than broadly syndicated ones.

The increase in Libor has caused borrowing spreads to contract, though nowhere near levels seen in 2007.

Almost three-quarters of middle market 4Q deals were either repricings or refinancings.

Fundraising last year for middle market lending strategies was dominated by CLOs and credit funds.

Cash back into investors’ pockets from loan repayments almost offset cash deployed into new loans last year.

A Fed fund forecast of 2.1% by year end is well below historic levels, not to mention the 5.25% achieved in June 2006.

A record 52% of all middle market buyout financings are leveraged at or more than six times ebitda; 15% over 7x.