US Leveraged Loans See Busiest Third Quarter on Record Click here to access Bloomberg’s US Leveraged Finance Chartbook September’s US leveraged loan activity totaled 101 deals for $93.2b, representing a $13.6b increase (17.1%) over August’s $79.6b. However, this marked a $4.2b decline compared to September 2024…. Subscribe to Read MoreAlready a member? Log in here...
U.S. Private Credit: Sizing Up Defaults Click here to download report. Issuers generating less than $25 million EBITDA defaulted at more than twice the rate of larger companies over the TTM ending 2Q25…. Subscribe to Read MoreAlready a member? Log in here...
Share of BSL-financed LBO count by equity contribution Download PitchBook’s Report here. Since rate hikes began in 2022, buyouts under $1 billion have virtually disappeared from the BSL market…. Subscribe to Read MoreAlready a member? Log in here...
3Q25 LBO volume down over 34% year over year; Total sponsored volume up nearly 39% US lenders committed almost US$20bn in LBO loan volume in 3Q25, up modestly compared to 2Q25 results (which came in at just under US$13bn) but down 34% year-on-year…. Subscribe to Read MoreAlready a member? Log in here...
Fundraising puts on a surge in Q3 The Liberation Day announcement put the brakes on capital accumulation in Q2, but it’s come roaring back. Having looked on course for an average year of fundraising at the halfway mark, private debt managers are now on target to have their most fruitful 12 months of the last…
US CLO issuance increases to US$53bn in 3Q, driven by strong MM/PD issuance New-issue US CLO volume amounted to US$53bn in 3Q25 via 106 deals, up 2% from 2Q25’s US$52.1bn and 34% from 3Q24’s US$39.6bn, marking the highest quarter since 4Q24…. Subscribe to Read MoreAlready a member? Log in here...
U.S. Private Credit: Sizing Up Defaults Click here to download report. Small issuers generating less than $25 million EBITDA defaulted at more than double the rate of larger issuers in Fitch Ratings’ Private Credit Default Rate (PCDR) universe during the trailing twelve months (TTM) to 2Q25…. Subscribe to Read MoreAlready a member? Log in here...
PE exit/investment ratio Download PitchBook’s Report here. Sponsor-to-sponsor exit activity dipped on an absolute basis in Q2, along with the moderate decrease in total quarterly exits, but maintained its majority share of middle-market exit activity…. Subscribe to Read MoreAlready a member? Log in here...
Notes from New York What’s on the minds of private debt professionals? Regulation, market conditions and distressed debt all had an airing at our recent industry event. We noted a few talking points from our recent PDI Network New York Forum: Private markets is in a “deregulatory environment”, according to Jillien Flores, chief advocacy officer…
M&A EV/revenue multiple for deals between $25 million and $1 billion Download PitchBook’s Report here. Middle-market valuation multiples are pointing to an increasingly liquid M&A market with valuation expectations broadly aligned with the 2017-2019 range, setting aside the distortions of the pandemic era…. Subscribe to Read MoreAlready a member? Log in here...