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

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

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