Debtwire Middle-Market – 5/23/2022


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Source: Cliffwater Direct Lending Index and BofA Merrill Lynch US High Yield Effective Yield

The red line in the chart is the *Cliffwater Direct Lending Index (CDLI) current yield, which is based on the investment income of the underlying assets held by public and private BDCs. BDCs invest in middle market companies, and the Index comprises of more than 9,475 middle market loans. The blue line displays the BofA Merrill Lynch US High Yield (currently at 7.64%), which tracks the performance of USD denominated below investment grade corporate debt publicly issued in the US.