Issuance of private subordinated debt capital has steadily grown since the credit crisis, though last quarter was off the prior number. Source: Thomson Reuters LPC

The number of risk rating downgrades in the corporate sector has hit a five year high – worst since the credit crisis.  Source: The Daily Shot, @WSJ Markets

Supply/demand imbalance among unitranche providers continues to keep one-stop pricing below that of junior capital. Source: Lincoln’s proprietary database of over 600 privately-held companies

Since early 2014 high-yield default rates have more than doubled, while the same metric for loans remains below 1.5%. Source: Credit Suisse

Cash leaving loan funds has slowed, but still sees nine consecutive weeks of $4 billion outflows.

So far this year leveraged loans have managed to earn a 3% return – better than other investments, and with lower volatility. Source: Credit Suisse

Relative to the overall market, secondary trading prices of energy-related issuers have taken a hit in the face of sector concerns. Source: Thomson Reuters LPC

The high yield bond premium over Treasuries and volatility as measured by the VIX have proven to be highly correlated. Source: Bloomberg

Multiple factors including lower asset yields and slashed dividends have punished trading levels for public BDCs. BDC Price to Net Asset Value Source: Thomson Reuters LPC

For the first time in at least a decade, purchase price multiples for middle market buyouts have topped the metric of their broadly syndicated counterparts. LBO Purchase Price Multiples Source: Thomson Reuters LPC