U.S. Sub-Investment Grade SaaS Companies – QRT Revenue Growth YoY Click here to watch Octus Webniar: Investor’s Guide to Navigating AI Fallout on the Credit Markets… Subscribe to Read MoreAlready a member? Log in here...
US Private Credit Defaults Hit New Highs but Losses Remain Contained Click here to learn more. The default rate in Fitch Ratings’ privately monitored ratings (PMR) portfolio hit 9.2% in 2025, a new high, up significantly from 8.1% in 2024. Defaults were not concentrated in any particular sector, though Fitch recorded four defaults in the…
Multiples on BSL-funded LBOs Download PitchBook’s Report here. Debt capacity limitations have meant sponsors are pressured to deploy more equity capital to fund their portfolio investments…. Subscribe to Read MoreAlready a member? Log in here...
US LevFin issuance slips in February amid softer, more volatile market backdrop US LevFin issuance topped US$160bn in February, although business slipped 11% from January amid a noticeably weaker market backdrop. Bank loans came back following a somewhat slower month (US$50bn) and high-yield bonds matched January’s issuance (US$30bn), while institutional loans, which drive the majority…
US Leveraged Loans Extend Declines in February Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted a negative return of -0.86% in February, marking the first consecutive monthly decline since last April. Average secondary market prices on US leveraged loans dropped to 94.89 on…
The challenge of retail capital becomes evident Private credit fund redemptions have put semi-liquid, evergreen funds firmly in the spotlight. The three “Bs” – Blackstone, BlackRock and Blue Owl – have all found themselves at the centre of media coverage focused on investor redemptions. This in turn prompts urgent consideration of the suitability of private…
Upcoming Maturities for BDC-Held Software Loans Click here to access the analysis In the near term, private credit restructurings for software companies are likely to be minimal given the relatively low number of loans set to mature over the next few years…. Subscribe to Read MoreAlready a member? Log in here...
US sponsored loan volume tops US$148.7bn YTD, driven primarily by refinancing activity At US$148.7bn, US sponsored lending was down 26% during the first two months of the year compared to the same period last year, with refinancings accounting for US$82.3bn in volume, while new money totaled US$66.4bn, or 55% and 45% of issuance, respectively…. Subscribe
AI Disruption Puts Alt-Investment Manager Software Exposures in Focus Click here to learn more. Sharp declines in major software company valuations amid rising investor concerns about AI-driven disruption have raised questions about lenders’ and asset managers’ sector exposure. While direct lenders, including business development companies (BDCs), typically have sizable software exposures, Fitch-rated alternative investment managers…
Median enterprise value (EV)/revenue multiples on PE deals of $2.5 billion or more Download PitchBook’s Report here. PE buyout valuations were a mixed bag in 2025, with EBITDA and revenue multiples undergoing different trends YoY, but ultimately rebounded from recent lows seen in 2023 to reach the high levels seen in 2021…. Subscribe to Read MoreAlready