Middle market debt held by BDCs vs High yield vs Treasury yields The blue line represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 12.18% as of 2 July, up from 11.09% a year earlier and broadly in line with the latest one-year average of 12.3%. BIZD’s price remains…
Stronger primary issuance and rising bids mask fragility in leveraged loan market sentiment Secondary loan prices rallied in May, reopening the refinancing window and causing a spike in primary activity. Despite these highly positive markers, signs remain that the recovery may prove short-lived.Recent loan trading levels suggest a gradual improvement after the softness seen earlier…
Middle market debt held by BDCs vs High yield vs Treasury yields The blue line represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 13.95% as of 18 June, compared with 13.80% on 5 June and 13.77% on 21 May. The dividend yield is up 216 bps YTD and…
The blue line in the chart represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 13.8% as of 5 June, up around 201bps YTD and 261bps YoY. The elevated yield reflects weaker BDC equity prices relative to trailing dividend distributions, indicating that public BDC equities continue to price in…
Tech loan issuance slows as credit markets turn selective Technology issuance in the institutional leveraged loan market fell to just USD 550m in April, marking the sector’s lowest monthly volume in the past four years. The last comparable level was recorded in December 2022, when issuance was USD 447m…. Subscribe to Read MoreAlready a member?
The blue line in the chart represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 13.8% as of 21 May (up ~198bps YTD and ~240bps YoY). The yield increase is a function of lower BDC equity prices relative to trailing dividend distributions, with a broad portion of the sector…
Jumbo LBO deals steal spotlight in March amid macroeconomic uncertainty Leveraged buyout (LBO) activity reached USD 17.9bn in March, the highest monthly total since USD 22.8bn in September 2021. The buyouts have buoyed a market in dire need of activity, accounting for nearly half of the USD 37bn total institutional leveraged loan issuance in the…
The blue line in the chart represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 13.4% as of 8 May (up 156bps YTD and 168bps YoY). The yield increase is a function of lower BDC equity prices relative to trailing dividend distributions, with a broad portion of the sector…
AI shockwaves expose concentration risk in tech‑led direct lending Technology companies have consistently accounted for more than one-third of direct lending issuance over the past three years. In 2025 alone, the sector raised USD 127bn out of USD 370bn in total issuance. Healthcare ranked a distant second, accounting for just 13% of volume, or USD…
The blue line in the chart represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 13.6% as of 24 April (up 178bps YTD and 198bps YoY). The yield increase is a function of lower BDC equity prices relative to trailing dividend distributions, with a broad portion of the sector…