Daily Analytic: Share of portfolios marked below 80% varies widely across BDCs *Based on universe of BDCs that have reported 4Q23 earnings as of 2/13/24 Looking at the universe of 24 BDCs that have published their 4Q23 results as of February 20, we see that credit quality statistics have been relatively stable, with notable differences…
BDC portfolio marks edge higher in most recent quarter* *Based on universe of BDCs that have reported 4Q23 earnings as of 2/13/24 BDC earnings season is in its early stages, with the vast majority of funds still yet to file. However, taking a look at the 16 BDCs that have published their 4Q23 results as…
US$188bn or 53% of current ABL outstanding commitments are to mature between 2024 and 2026 US asset based loan lenders supported over US$149bn of issuance in 2023, the second highest annual total on record and over 20% of total leveraged loan volume for the year. The numbers provided an incomplete view of the 2023 ABL…
Daily Analytic: Direct lending comprised 59% of US LBO volume in 2023 Execution risk drove more LBO issuers towards the direct lending market last year. US direct lending LBO volume totaled US$57.8bn in 2023, 38% lower year-over-year. Last year’s total comprised 59% of overall US LBO loan volume, easily an all-time high, topping 2022’s 45%…
Daily Analytic: US unitranche issuance climbed sharply in 4Q23 across both the large corporate and middle markets Unitranche lending moved markedly higher in 4Q23, with volume totaling US$44.4bn, the third busiest quarter on record. The jump in unitranche volume was evident across both the large corporate and middle markets…. Login to Read More...
Daily Analytic: US BSL CLO issuance falls 23% in 2023, MM/PD CLO volume more than doubles US CLO issuance declined by 10% in 2023 to US$115.6bn, down from US$128.9bn in 2022. Notably, however, there was a marked difference in the direction of broadly syndicated loan (BSL) CLO activity compared to that of middle market/private debt…
Daily Analytic: 4Q23 syndicated middle market volume declines 16% in 4Q23 US syndicated middle market loan volume totaled US$24.6bn in 4Q23, 16% lower than 3Q23’s total and the lowest quarterly level since 3Q20…. Login to Read More...
US CLO share of the institutional loan market tops 70% The US CLO market has grown by 6.8% this year, pushing assets under management (AUM) to US$1.03trn…. Login to Read More...
With only a few weeks left to 2023, US leveraged volume lags year ago results Despite a steadier second half to the 2H23 debt capital markets, at US$856bn, leveraged issuance for 2023 lags year ago results which totalled over US$951bn…. Login to Read More...
2023 US LBO purchase price multiples are the lowest since 2018 US LBO purchase price multiples have decreased two steps this year, to 11.2x on average, the lowest mark since 2018. At the same time, the average LBO purchase price has increased to US$4.86bn this year, the highest since the credit crunch year of 2007….