Research & Data

Moody’s: Direct lenders losing ground to BSL in refinancing wave

The move to broadly syndicated loans portends a battle over ever-growing mega-deals.

Secondaries arrives in the mainstream

With GP-led deals taking centre stage amid a subdued M&A market and LP thirst for liquidity, private credit secondaries have a big role to play in the asset class’s future. By Daniel Roddick of Ely Place Partners.

DOWNLOAD: Debt fundraising rings in record Q3

Record fundraising in Q3 for private debt as investors seek stable returns.

Arizona pension sees concerns in default uptick and increased competition

Staff of the $60bn Arizona State Retirement System, a long-time private credit investor, are still mostly optimistic about the asset class amid a push to diversify the programme.

Oxane report: Banks are coming back, non-bank lenders will benefit

‘Private Credit+’ is a $45trn opportunity globally. Direct lending, $1.5trn of that amount, is saturated, the report says.

Is junior capital PIK’s innocent victim?

Why the ‘good’ vs ‘bad’ PIK debate is also about junior capital vs senior debt.

First Brands, in chapter 11, discloses over $11bn of liabilities

A number of private credit firms have exposure to the latest instance of trouble in the auto and auto-parts industries.

Why run a credit CV?

It is more in credit GPs’ interests to actively pursue liquidity than remain passive with tail-end portfolios.

KKR expects M&A revival to speed up credit market development

The relationship is coming into even closer focus now, given innovative financing structures, says influential newsletter.

Mid-market lenders step up as maturity wall looms

A rise in ventures targeting programs of less than $100m a loan should be viewed as a barometer for broader commercial real estate financing markets.