U.S. BSL & MM CLO Spotlight – February 2025 Click here to download report. At the end of February 2025, 20 CLOs had exposure to at least one defaulted or deferring issuer…. Subscribe to Read MoreAlready a member? Log in here...
BDC AUM growth shows no signs of slowing, climbing to US$438bn BDC market growth shows no signs of slowing, with assets under management (AUM) soaring to a record US$438bn in 4Q24…. Subscribe to Read MoreAlready a member? Log in here...
US Leveraged Loan Primary Market Slowdown Continues After a record start, US leveraged loan launches last week fell to their lowest level this year at just $10.56b. This week, just $4.51b has launched through March 19th, as the pace of issuance over the last four weeks has slowed to an average of $14.4b compared to…
Lender-Sponsor Dynamics Mark Default Outcomes for Private Credit Click here to learn more. Join Fitch Rating upcoming Webinar: The Highs and Lows of Private Credit Defaults and Recoveries The lender-sponsor partnership, a hallmark of the private credit segment, may result in a structurally higher default rate compared to the broader leveraged loan universe…. Subscribe to
Identifying likely buyout take-private targets Download PitchBook’s Report here. Since the inception of the buyout strategy in the 1980s, buyout managers have maintained a core playbook: At a reasonable price, invest in relatively small, underperforming companies that still generate enough free cash flow (FCF) to service an increased debt burden…. Subscribe to Read MoreAlready a member?
Refinancings continue to dominate institutional loans calendar in 1Q25 Despite steady loan market liquidity and unabated demand for assets, new institutional loan volume – at US$37bn – has been limited in early 2025…. Subscribe to Read MoreAlready a member? Log in here...
Measuring the pain points Liquidity and exits loomed large in our survey of LP and GP concerns. An exclusive PEI survey of more than 100 LPs conducted ahead of our NEXUS 2025 event revealed seven main pain points in the LP-GP relationship ranging from liquidity and exit challenges through to fees and expenses…. Subscribe to
Morningstar PitchBook Buyout Replication Index excess performance attribution (annualized) Download PitchBook’s Report here. A returns-based factor analysis using the Fama-French five-factor model plus momentum reveals that the positive alpha from security selection can be explained primarily by a higher market beta…. Subscribe to Read MoreAlready a member? Log in here...
US Private Credit Defaults Rose Sharply in 2024 While Lender Losses Remained Limited Click here to learn more. Join Fitch Rating upcoming Webinar: The Highs and Lows of Private Credit Defaults and Recoveries The default rate in Fitch Ratings’ portfolio of U.S. privately monitored ratings (PMR) rose sharply to 8.1% in 2024. This is the…
Monthly Returns Diminish Amid Heightened Uncertainty The Bloomberg US Leveraged Loan Index (Ticker: LOAN), a measure of the US institutional, broadly syndicated, leveraged loan market, returned just 0.21% in February, marking the weakest return since October 2023…. Subscribe to Read MoreAlready a member? Log in here...