PDF | Research | Week of June 26, 2023

A Loan for All Seasons

(Second of a Series)

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“Leveraged loan default rate rises to 14-month high in May”

“US loan default rate hits 3-year high“

“Defaults in private credit averaged 5.9% in 1Q, law firm says”

Everywhere you look these days industry rags are filled with talk about looming loan defaults. For anyone who’s been a practitioner or observer of the debt capital markets for more than a couple years, the above headlines are familiar ones. They could have been yesterday’s news.

Well, they are yesterday’s news. These headlines are all from the archives of our content partner Pitchbook LCD, dated June 2016, March 2018, and May 2020, respectively...

2023 Market Sizing & Impact Study

So far in 2023 payment defaults in direct lending portfolios down vs. BSLs and HY bonds.

Contact: Marina Lukatsky / S&P Global Market Intelligence

In the June issue of Private Debt Investor, in which we celebrated its tenth anniversary, we reflected on key trends in fundraising over that period by an examination of our PDI 100 ranking of top fundraisers. Below are four of our observations...

One of the main challenges that middle market lenders have faced this year is finding high quality deals. According to Refinitiv LPC’s 3Q23 Middle Market Outlook Survey’s preliminary results, 20% of lenders characterize...

Contact: Diana Diquez/ Refinitiv LPC

Middle-market fundraising is having a moment in the sun. PitchBook’s latest US PE Middle Market Report recorded $49.9 billion raised in MM strategies in Q1, up 70% from Q1 2022. A historical look at fundraising...

Contact: Kelly Thompson / KBRA DLD

Following a sharp increase in 2020 and 2021 due to the pandemic, defaults were largely subdued in 2022 in Fitch’s private middle market portfolio, though have since accelerated, according to a Fitch Ratings report.

Contact: Brad Hamner / FitchRatings

Although the number of private debt funds raised in Asia from 2020 to 2022 decreased from 47 to 38, aggregate capital raised increased from $8.23bn to $12.15bn. The number of funds raised remained...

Contact: Thomas Marrs / Preqin

Source: VanEck BDC Income ETF, BofA Merrill Lynch US High Yield Effective Yield and US Bureau of Labor Statistics

Contact: Suneet Chandvani / Debtwire 

Contact: Stefan Shaffer / SPP Capital Partners