Fewer PMR ‘CCC’s Reach the ‘B’ Category Click here to learn more. Once in the ‘CCC’ category, fewer issuers in the PMR portfolio ascend to the ‘B’ category than public peers. The AAT% of ‘CCC’ category issuers that reach the ‘B’ category is just 11% in the PMR portfolio compared to 18% for Fitch’s public…
PE exit/investment ratio Download PitchBook’s Report here. GPs need to address the oncoming maturity wall of their existing investments, and many are turning to continuation funds to extend exit timelines or secure liquidity without forced selling…. Login to Read More...
Premium for MM direct lending loan yields over large corporate credits averaged 265bp in 2Q24 Pricing tightened across all market segments in 2Q23 as demand for assets outpaced supply. This enabled borrowers to obtain more attractive pricing on new credits and refinance existing debt…. Login to Read More...
Fundraising revival on hold There were some signs of improvement in the second quarter, but raising new private debt capital was still a struggle in the first six months of 2024. The first half of 2024 did not offer much consolation to those awaiting clear signs of a private debt fundraising revival. Private Debt Investor’s…
1H24 New-issue CLO volume sets new record for first six months at over US$99.5bn Over US$99.5bn of new US CLO issuance has been completed through the end of June 2024, an increase of over 77% compared to the same time last year and a 23% gain compared to the prior record half year total of…
Family office investors favor private debt Read more in Preqin’s Insights+ Research Note: Private wealth’s path into US private debt Family offices, which make up over a third of the private wealth entities, are showing a clear appetite for private debt strategies…. Login to Read More...
PMRs Stay Longer in ‘CCC’ Category Click here to learn more. PMR issuers within the ‘CCC’ category have a lower average annual upgrade rate, lower average annual default rate and a higher average annual stability rate than publicly rated peers. Different stakeholder dynamics within the direct lending segment play a role in the lower number…
Infrastructure in the spotlight It’s an area of alternative assets that has retained its popularity with LPs despite the challenges experienced by fundraisers lately. Last year was notoriously tough on the fundraising trail for alternative asset classes but infrastructure debt managed to buck the trend, with affiliate title Infrastructure Investor’s Debt 30 ranking recording a…
1H24 Sponsored loan volume tops US$400bn, exceeding full year 2023 results PE sponsors tapped the loan market for a record US$227bn in 2Q24, pushing sponsored issuance for the first six months of the year to over US$400bn…. Login to Read More...
PMR Portfolio Concentrated in Lower Rating Categories Click here to learn more. The PMR portfolio consists exclusively of ‘B’ category and below issuers as the companies in the portfolio generally tend to be the product of leveraging transactions such as sponsor-driven LBOs or dividend recaps…. Login to Read More...