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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
Private Debt Intelligence - 2/13/2017
Private Debt Investors Delighted with Fund Performance
At the end of 2016, Preqin conducted surveys with over 90 private debt investors in order to gauge their satisfaction with the performance of the private debt asset class and to ascertain their investment plans for both 2017 and long-term future.
More than a quarter (27%) of private debt investors surveyed stated that the performance had exceeded their expectations, an increase of nine percentage points compared to the end of 2015…
Loan Stats at a Glance - 2/13/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Overall LBO leverage on the rise in 1Q17
Overall LBO leverage on the rise in 1Q17
Average leverage levels on both large corporate and institutional middle market LBO deals have shown a meaningful jump in 1Q17. With refinancings and repricings dominating the leveraged loan market, investors seem more willing to stretch on new money LBO deals. The average leverage level so far in 1Q17 is at 5.0 times first lien and 6.50 times total debt to EBITDA, up from 4.6 times senior by 6.1 times total last quarter…
Covenant Trends - 2/6/2017
Average First Lien Headroom under Accordion Ratio Debt Contact: Steven Miller smiller@covenantreview
Lead Left Interview - Eric Green and Mark O’Keeffe
This week we chat with Eric Green and Mark O’Keeffe of Muzinich and Co. Muzinich is a global institutional asset…
Transaction sizes suggest relative US middle-market popularity for PE
Transaction sizes suggest relative US middle-market popularity for PE
The median private equity transaction with a US middle-market company fell slightly to $134.0 million in 2016, down a mere $4 million from the prior year. Given the minuscule magnitude of the decline, it’s clear that there is still plenty of competition from not only strategic acquirers in the upper end of the market but also fellow PE firms that are keeping transaction sizes relatively high, among other factors…
Private Debt Intelligence - 2/6/2017
Private Debt Funds in Market by Strategy
After two consecutive years of private debt fundraising exceeding $90bn, the pipeline remains strong with investor appetite for the asset class as strong as ever. In total, there are 288 private debt vehicles marketing themselves to investors, targeting a combined $117bn of capital commitments.
Direct lending funds represent the highest proportion of both total funds on the road and aggregate target capital; 127 funds (44%) are seeking $51bn (43%)…
New Money
The volume for “new money” loans jumped last quarter (and last year) for both syndicated and privately clubbed middle market transactions.
Loan Stats at a Glance - 2/6/2017
Contact: Blake Udland Blake.Udland@spglobal.com
Markit Recap – 1/30/2017
Many market commentators have commented that 2017 will be the year of political risk. Ongoing uncertainty around Brexit, Donald Trump’s inaugural year as US president and a series of elections in continental Europe make conditions ripe for bouts of volatility.
This may be self-evident, but so far the credit markets are taking little heed. Realised volatility in the Markit iTraxx Europe, as measured by the VolX index, dropped sharply in Q4 and has remained around the 28-29% level this year. Indeed, the last three months have been the longest period of low volatility since March 2007, when the first signs of the US sub-prime crisis emerged. It was a similar story with the Markit iTraxx Crossover…
Strong retail fund inflows help fuel the leveraged loan market
Strong retail fund inflows help fuel the leveraged loan market
Investors have been pouring money into retail loan funds in recent months. This has helped fuel demand in the leveraged loan market. Last week, investors placed US$1.02bn into retail loan funds, the second time in three weeks the US$1bn mark was eclipsed. It was also the tenth week out of the last eleven that there was over US$500m invested in loan funds. With the increased demand in loans, it is no surprise the leveraged loan market has kept busy…
2017 - A Look Ahead (Second of a Series)
Last week we ventured some thoughts on where this year would take us on middle market deal terms – pricing,…