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