Direct lending stress to remain high despite rate cut – Moody's
A report from BofA also shows that even if interest payment costs ease slightly, the direct lending market faces a high percentage of payment-in-kind deals coming due

Evolving M&A is transforming the capital formation landscape – KKR
'Critical' link between M&A and credit is set to fuel growth in private markets

Private credit secondaries poised for record year
Deals in the market are only getting larger and volumes are expected to surpass USD 18bn this year, a new Evercore report shows

Direct lending competition erases refinancing premium
Historically, new LBOs resulted in cheaper pricing, but spreads for refinancing and recapitalization deals have tightened as direct lenders face a lack of deployment opportunities

Private credit deals in India grow 53% year-over-year
Private credit investments in India hit USD 9bn during the first half of the year, according to a new report from EY

Default expectations rise as tariff threats to North America deepen – IACPM survey
Credit portfolio managers across the world see tariff-related headwinds for both the US and Canada

Some LPs wary of retail capital in private market products— Edelman Smithfield
A new survey from the global financial communications advisory firm shows more than a fourth of LPs want private funds managers to keep their capital separate from retail investors

Expanding investor base and ABL will propel private credit growth says BlackRock
The private credit asset class will continue to grow in 2025 as the underlying investor base diversifies and the definition of private credit expands to include asset-backed finance held by private lenders

BNP Paribas sees credit upside in 2025, even amidst Trump-led unpredictability
The bank also sees CLO equity outperforming in 2025 benefiting from resilient loan fundamentals, strong cash flows, and the upside potential from reset activity

Direct lenders add pricey terms on amend-and-extend deals
Companies negotiating an amendment with direct lenders might find the deal costly as most demand extra fees, payment and security to execute, according to a new survey

Direct lending defaults decline for all except middle market according to Proskauer
Default rates for US direct loans declined to 1.95% in the third quarter of 2024 from 2.71% in the second quarter, according to a new report from law firm Proskauer

European distress remains muted but trouble is brewing in Industrials
European Industrials rose to be the second most distressed sector in August, according to a new report based on the Weil European Distress Index

LBOs on the rebound: How leveraged loans are stealing the spotlight from direct lenders in 2024
2024 has seen a resurgence in LBO activity, with many of the largest deals opting for leveraged loans over direct lending for financing

Defaults hit 5% YTD for US private debt-backed companies according to Fitch
The monthly default rate for North American private credit-backed companies hit 5% in August, driven by PIKs and interest deferrals

Higher interest rates have caused more private credit downgrades, new report says
The lagging impact of higher interest rates is resulting in a sizeable uptick in private credit downgrades, according to a new report from KBRA

US loan volume nears record levels
In Q1 2024 quarterly institutional loan issuance reached its second highest level on record. The period also saw the lowest quarterly share of new money issuance, at just 13% of total activity

IACPM survey finds credit PMs still gloomy, but less so than last quarter
Respondents to the latest IACPM Credit Outlook Survey are still negative about future credit conditions, but less so than in previous surveys

Global Loan Highlights 1Q24: Don’t call it a comeback
Loan refinancing share hits historic high, but IG issuance stymies YoY global growth

February 2024 US Leveraged Highlights
Debtwire today releases the February 2024 US Leveraged Highlights, featuring key trends in the leveraged loan and high-yield bond markets.

Covenants update: State of the US Loan Market 4Q23
Xtract Research has published its 4Q23 report into the state of the US loan market. Highlights from the report include the following.

New report finds 2023 a record year for alternative credit M&A
A new report on “Acquisitions of Alternative Credit Managers” by credit specialist Gapstow forecasts that more M&A activity lies ahead for credit firms as they struggle with the challenges facing the broader investment management industry

DebtDynamics EMEA: Size matters
Direct lending margins widen on small deals, with an enlarging gap to other deals in the latest DebtDynamics EMEA research 

Credit PMs remain gloomy in latest IACPM survey
Survey participants in the latest IACPM Credit Outlook Survey believe the euphoria seen in global financial markets during the last few months of 2023 was overdone

November 2023 US Leveraged Highlights
Debtwire today releases the November 2023 US Leveraged Highlights, featuring key trends in the leveraged loan and high-yield bond markets

November 2023 European Leveraged Highlights
Debtwire today releases the November 2023 European Leveraged Highlights, containing key trends in the leveraged loan and high-yield bond markets