Beneath the triple C: downgrades hold steady as Travelport loses its luggage
For the second month in a row downgrades to triple C steadied, with just under $9 billion of CLO loans falling to this rating across 34 corporate borrowers

Private credit is not overcrowded — there is four times as much private equity dry powder
With much negative reporting around private credit, our columnist debunks oft-heard complaints

The manager, not the market, decides value in direct lending
Mid market loan spreads are contracting, but that’s a reflection of low volatility not excess cash

PE hold periods have shrunk but fast acquisitions can lead to botched integrations
Buyout multiples are likely to stay high – but moving fast and specialising can help firms make money

Bubble-watchers cite the popularity of leveraged lending as evidence against it
Growth in direct lending has been strong — but the sector is tiny compared to equities or bonds 

No one knows when the next downturn will come, but for now we can hope for a soft landing
Our columnist, Churchill Asset Management's Randy Schwimmer, addresses the question that is baffling credit market participants: exactly where are we in the credit cycle? 

With the right connections, you can find attractive loans
Demand for middle market loans has been huge, so why have spreads widened? Our columnist and Churchill Asset Management's head of origination Randy Schwimmer explains all

Inflation is seeping in and leverage is rising like helium
The Fed is keeping close tabs on any signs of inflation in consumer products. But there are signs of an inflationary bubble in the credit market

Keep feeding the beast and you just might get bitten
Middle-market direct lenders are both suppliers and consumers of capital – and they risk hurting themselves when loan terms loosen

Libor: what will replace it and who will monitor it?
What’s the alternative to a benchmark referenced by the $1 trillion broadly syndicated loan market?

After high yields? Then understand the higher risks
Direct lenders with higher yield targets must be aware of the different risk profiles involved

Expect more $1 billion deals in middle-market lending
Reflecting the views of many experienced practitioners, these are our predictions for middle-market lending this year

Private credit comes of age
Like high yield bonds before it, private credit has matured into an investment that most funds want

What a downturn might mean for private credit
The end of the US recovery could be good news for non-bank lenders

Where Europe’s real direct lending opportunity lies
Europe’s mid-market loan business is opaque, illiquid and tough to operate in. That’s not stopping big managers from piling in

Sponsors holster revolvers for delayed-draw loans
Increasing use of delayed-draw term loans is good for non-bank lenders

The mid market and the myth of loan liquidity
Small loans are no less liquid than broadly syndicated loans – and they're more predictable

Don’t listen to the talk, mezz definitely isn’t dead
It was written off after the crisis, but mezzanine debt is proving as popular as ever

Mid-market syndicate game changes again
New US guidance isn't the only reason that the rules of leveraged lending are being rewritten

Hold your nose and buy the recap – sometimes
They are as welcome as a visit from the in-laws, but dividend recap loans perform no worse than others

Credit due - Who wants to make revolvers?
Regulation is pushing US banks out of the leveraged loan market. That's a problem for borrowers who need revolving credits