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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 
Lower for Longer
The past two years have not been kind to holders of ten-year Treasurys. Source: The Daily Shot, Alpine Macro(Past performance…
Distribution of MFN Sunset Horizons
(Past performance is no guarantee of future results.)
The New Paradigm (Fourth of a Series)
Why is private credit getting called out for potential bubbles and systemic risk when banks have been the ones failing?…
Median Leverage and Coverage
Fitch’s privately covered Middle Market (MM) portfolio is made up of generally smaller issuers (with average EBITDA of $54 million,…
With only a few weeks left to 2023, US leveraged volume lags year ago results
Despite a steadier second half to the 2H23 debt capital markets, at US$856bn, leveraged issuance for 2023 lags year ago…
Private Debt Intelligence - 12/11/2023
Special situations funds close over target in North America [wpdm_package id=’67719′] The average percentage of target size at final close…
Loan Stats at a Glance - 12/11/2023
Source: PitchBook LCDContact: Ryan BrownRyan.Brown@pitchbook.com
Room for improvement on ESG
A group of investors noted the progress made by private debt in ESG and DEI, but there is still some…
Lower Later
The futures market now expects Fed Funds to be 120 bps lower next year. Source: The Daily Shot(Past performance is…
The New Paradigm (Last of a Series)
In the capital markets this year, it’s all been about rates and inflation: can the Fed’s higher-for-longer regime bring prices…
A quarter of megafunds
Download PitchBook’s Report here. Global fundraising is on a healthy trajectory this year, according to PitchBook’s Q3 2023 Global Private Market Fundraising…
Exposed companies in the US real-estate market
Restructuring activity in the real-estate market picked up in 3Q23, with 11 companies filing for Chapter 11 bankruptcy protection, representing USD 1.55bn of…
The New Paradigm (Third of a Series)
The confusion around differences between public and private credit dynamics has been compounded by the rapid growth of the illiquid…
Fitch’s Private Middle Market Portfolio, Rating Activity
Defaults in Fitch’s PMM portfolio persisted at a low level this quarter with two issuers defaulting, bringing the YTD total…
Four for ’24 (First of a Series)
2023 was characterized by several key themes in the capital markets. The Fed’s battle against inflation, the resulting impact on…