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Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.
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September 2, 2026 
Second quarter numbers
Download PitchBook’s Report here. PitchBook’s latest US PE Breakdown is now live and available for free. Q2 2022 was another decline,…
Spreads Move, Premium Persists
The illiquidity premium for middle market loans is a staple regardless of how spreads change.
Syndicated middle market loan volume climbs in 2Q22 but lags year-ago period
Syndicated middle market issuance picked up in 2Q22 despite increased market volatility in May and June. Middle market lending climbed…
First lien loan pricing spikes in June in tandem with secondary market collapse
Source: Markit, BofA US HY Index To open the year, loans were bid at an average price of 97.78, with…
Private Debt Intelligence - 7/11/2022
Private debt dry powder at record levels [wpdm_package id=’56946′] Private debt dry powder has climbed to record highs in recent…
Fear recedes over fund facilities
Initial wariness over subscription finance has given way to acceptance – at least when it comes to brand-name GPs. “Leverage…
Percentage of Loans that Cleared with the Least Protective Documentation Scores (5/5+/4-)
(Past performance is no guarantee of future results.) Contact: Steven Miller
Loan Stats at a Glance - 7/11/2022
Contact: Marina Lukatskymarina.lukatsky@pitchbook.com
The spike in growth funds
Download PitchBook’s Report here. One of the many consequences of COVID was a shift in strategies among investors. The chart above…
Portfolio Construction: How PE Help
Many direct lenders only finance businesses backed by private equity sponsors. While non-sponsored strategies have benefits, the presence of an…
1H22 Leveraged volume down 31%; HY bonds off 75%, institutional loans down 61%
The US leveraged market dramatically slowed in 2Q22, completing just over US$292bn of loan and high yield bond volume to…
Why Portfolio Construction Matters (Last of a Series)
“Broadly syndicated loans are liquid, so have high volatility that exaggerates credit deterioration,” one market observer told us recently. “The…
Midcaps Earn More
The middle market illiquidity premium persists for all but the briefest volatile periods.
Relative Value in the Loan Market (Part One of Two)
In our series on portfolio construction [link] we looked at how liquid and illiquid loan managers assemble quality all-weather assets.…