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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.
Public PEGs got much bigger last year
Download PitchBook’s Report here. 2021 was bumper year for public PE firms. PitchBook’s latest Analysis of Public US PE Firm Earnings…
Capital Markets Outlook: SOFR So Good
From loan issuance, to LBO and M&A activity, to record CLO volume, 2021 was an unprecedented year in many forms.…
Mega Millions
The share of unitranche grew to over one-third of middle market financings last year.
Distribution of MFN Sunset Horizons
(Past performance is no guarantee of future results.) Contact: Steven Miller
Private Debt Intelligence - 2/28/2022
Private debt sees continued consolidation among fund managers [wpdm_package id=’52703′] As private debt continues to grow, so does the size…
Europe has maintained its deal discipline
Despite some inflation effects being felt, the overall picture is rosy for those operating in the market. A new report…
Loan Stats at a Glance - 2/28/2022
Contact: Marina Lukatskymarina.lukatsky@spglobal.com
Capital Markets Outlook: Cov-lite Spotlight
Historically, covenant-lite was not a topic for much conversation in the middle market, as these loans were seen mostly in…
2022 Capital Markets Outlook (Second of a series)
Churchill’s Kelli Marti and Jessica Nels continue their commentaries related to the firm’s 2022 Capital Markets Outlook [link]: From loan…
Benchmark Tests
The SOFR curve is flatter than LIBOR, creating impetus for the credit spread adjustment.
BDCs post further NAV gains
BDC earnings season is underway, with funds that have filed to date posting positive performance overall in 4Q21, topping off…
Fewer emerging lenders in 2021
Download PitchBook’s Report here. 2021 marked a decade low for “emerging firm” private debt fundraising, according to PitchBook’s Annual Global Private…








2022 Capital Markets Outlook (Third of a series)
This week Churchill’s Kelli Marti and Jessica Nels continue their special series on the capital markets outlook for 2022 [link]…