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
Strong performance in a dislocated world The covid pandemic saw high-quality assets with temporary difficulties being snapped up at discounted valuations. In this, the final reflection on our inaugural private markets performance quarterly report, we cast our minds back to a classic period of dislocation – the covid pandemic – and the impact it had…
US Institutional Loans See Pricing Widen Amid Broader Selloff Click here to access Bloomberg’s US Leveraged Finance Chartbook Pricing conditions in the US institutional leveraged loan primary market widened in February, as borrowing costs increased amid a more cautious market backdrop…. Subscribe to Read MoreAlready a member? Log in here...
February Loan Issuance Slows Sharply Amid Market Uncertainty Click here to access Bloomberg’s US Leveraged Finance Chartbook Through February 25, just $22.85b of US institutional leveraged loans have priced, with an additional $9.54b expected to allocate before month-end. Even if all scheduled deals price, total issuance will fall well short of January’s $164.1b, marking a…
Perpetually Non-Traded US BDCs See Higher Redemptions, Slower Fundraising Click here to learn more. Investor sentiment has turned negative toward publicly listed U.S. business development companies (BDCs) with private-credit and software exposure, lowering valuations and limiting equity market access. That shift is now spilling over to perpetually non-traded BDCs, which have seen higher redemptions and…