Issuance Cools from July High but Sets Record for August Following a robust July that saw $200b of institutional leveraged loans price, issuance cooled somewhat in August. At $79.5b across 68 deals, issuance receded 60% from the July high but remained elevated for what is typically a quieter month in the leverage loan market. In…
Credit Journal – Private Credit Click here to download. This edition of Fitch Ratings’ Credit Journal series explores the growing world of Private Credit,… Subscribe to Read MoreAlready a member? Log in here...
PE nowcast vs. reported returns Download PitchBook’s Report here. Like many asset classes, US PE funds experienced strong performance gains in the market acceleration during the COVID-19 pandemic…. Subscribe to Read MoreAlready a member? Log in here...
BDC AUM hits a new record, topping US$500bn The upward growth trajectory of BDCs shows no sign of slowing, with assets under management (AUM) climbing to a record US$503bn in 2Q25, representing a US$28bn increase from the prior quarter and a whopping US$128bn gain in the last twelve months…. Subscribe to Read MoreAlready a member?
Unrealised potential Investors are struggling to get as much invested in private credit as they would like, although there has been a surge in allocations from sovereign wealth funds. With three quarters of institutions under-allocated to private credit – according to Private Debt Investor’s H1 2025 Investor Report – there is a huge potential pool…
U.S. Private Credit and Middle Market Performance Monitor: 2Q25 Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio, Rating Activity The issuer-weighted TTM default rate for PMRs rose to 9.5% in 2Q25 from 7.8% in 1Q25. Fitch recorded 28 unique defaults for the TTM period, up from 23 in 1Q25. This is the highest…
Median PE company holding times (years) Download PitchBook’s Report here. The data for median hold times for PE-backed companies in the US continues its downtrend, though it remains above historical norms…. Subscribe to Read MoreAlready a member? Log in here...
LevFin books new issuance record in July thanks to loan repricings, while growing M&A business shouldn’t be overlooked US leveraged finance issuance topped US$236bn in July, eking a new all-time monthly high for the business…. Subscribe to Read MoreAlready a member? Log in here...
Senior debt loses its dominance The first half of this year saw investor commitments more widely dispersed in the asset class. In last week’s column, we examined the first-half global private credit fundraising figures and found that the total raised was consistent with the five-year H1 average, even though consistency was not a word associated…
August Leveraged Loan Launches, by Week The typical “August slowdown” for the leveraged-loan market has yet to materialize, according to data compiled by Bloomberg…. Subscribe to Read MoreAlready a member? Log in here...