PitchBook’s Post

Issuance of collateralized loan obligations (CLOs)—the largest #investor in leveraged loans—rose in each of the last four quarters, fueling loan demand. Year-to-date CLO issuance volume has reached record pace, totaling $101 billion through June 24, up from $83.2 billion in the first six months of 2021—the year that sent an annual issuance record, according to PitchBook LCD data. Find our latest #credit research here: https://pitchb.co/UFwn8q The underlying trends suggest more deal activity is ahead, especially given the mountain of dry powder from US #PE firms, which is expected to fuel demand for financing. PitchBook LCD announced the integration of CLO datasets, which provides detailed information about the CLO vehicles at issuance, such as tranche structure, ratings and spreads, as well as refinancing and reset details. With this dataset integration, PitchBook Credit is now a complete, centralized solution that allows our users to easily track market activity, benchmark performance, source and comp deals and assess risk. Learn more about its capabilities here: https://pitchb.co/avOHBQ

US Credit Markets Quarterly Wrap: PitchBook’s LCD’s comprehensive analysis of the syndicated loan, private credit, CLO and high-yield markets, plus a look at what’s in store for the rest of ’24. In the just-released edition (30 pages, 70 charts): -         The US credit markets, in 6 charts -         Syndicated loan demand surge leads to record activity -         Private credit lenders strengthen defenses against refi, repricing wave -         Tailwinds strengthen as CLO markets sets record issuance pace -         High-yield refinancings hit three-year peak as spreads contract -         US Leveraged Finance Survey: Buyside, sellside, advisors weigh in on direction of market -         Record global loan activity masks lackluster M&A, but green shoots emerge. You can download a complimentary copy of the Quarterly here: https://lnkd.in/eU6FVkF5 PitchBook Marina Lukatsky Abby Latour Rachelle Kakouris Claire McDonnell Zack Miller Glen Fest #credit #leveragedloan #PrivateEquity

The US syndicated loan market returned 2.46% in 2024’s first quarter, capped by a 0.85% performance in March, as still-high base borrowing rates continue to buttress the asset class. Also in Q1, investor demand swamped the supply of new loans entering the market by a whopping $61.5 billion, setting the stage for even more opportunistic activity in 2Q. Details on these dynamics and much more are in PitchBook LCD’s 1Q Syndicated Loan Market Summary: https://lnkd.in/es3xN_xE Marina Lukatsky PitchBook #privateequity #credit #leveragedloans

Big news: LCD’s CLO and BDC datasets have been integrated into the PitchBook platform, the premier data and research provider for the private and public equity markets. This addition, along with LCD’s Research and News offerings, creates the industry’s most powerful solution for credit market participants. CLOs, of course, are the main source of what is booming investor demand across the loan markets, while BDC holdings provide transparency into the all-important private credit segment. You can read more about the new PitchBook Credit product here: https://lnkd.in/ebRxyZeQ #credit #PrivateEquity #leveragedloan PitchBook

The rankings of the most active lenders in PE for 2023 are now available. You can click on firm names to take a deeper dive into a firm’s public PitchBook profile and explore their top-line stats. Last but not least, as a reminder, recently Pitchbook broadened the scope of these rankings, including transactions with European companies, as well as changing the methodology to include additional agent types. (The table that outlines select roles in transactions includes the following roles: bookrunners, lead arrangers, mandated lead arrangers and agents only; documentation and syndication agents are still being explored for future inclusion.)

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Webinar: European syndicated loan & private credit analysis/outlook Wednesday, 15 May 2024 Time: 3 p.m. BST (10 a.m. ET) Duration: 60 minutes Registration (complimentary): https://pitchb.co/qgJP8R The European leveraged credit markets got off to a roaring start in 2024 amid rampant opportunistic deal making and as syndicated loans grabbed back market share from private credit. Join our panel of PitchBook LCD credit market thought leaders on Weds., May 15, for a discussion on the evolving dynamics between the leveraged loan, CLO, private credit and high-yield bond markets, as well as expectations for the rest of 2024. Key topics: ·      CLO issuance hits its second highest quarterly volume in the 2.0 era — will the surge in new transactions continue? ·      Will the syndicated loan market continue to take share from private credit? ·      M&A is starting to return, but will refinancings continue to dominate deal flow for both loans and high-yield bonds? PitchBook #credit #privatecredit #PrivateEquity

PitchBook recently covered Configure’s newly released Private Credit Quarterly report, which features insights about the current bank and direct lending landscape and findings from its quarterly survey of active private credit lenders regarding market sentiment. In the piece and during Configure’s webinar event held in late May, the team provides deep commentary and statistics, including: • Covenants on private credit loans in the upper-middle market becoming more borrower-friendly; • The broadly syndicated loan market experiencing a resurgence after several quarters of muted activity, but private credit lenders continuing to hold their ground; • Private credit origination activity picking up in Q1 2024, with expectations for that to continue, and; • Additional data points regarding spreads on new LBOs in the private credit markets, loan-to-value ratios, call protections, lender hold size trends, and junior capital activity. To read the Pitchbook article highlighting insights from our webinar, click here: https://lnkd.in/e76FEaG4 To download and read our Q1 report, click here: https://lnkd.in/ed3H6FAN #PrivateDebt #PrivateCredit #PrivateEquity #InvestmentBanking #Pitchbook

Benchmarking leveraged loan performance is crucial as defaults tick higher. PitchBook Credit, powered by LCD (Leveraged Commentary & Data) empowers you to contextualize individual issuer risk with Morningstar's industry-leading Leveraged Loans Indexes. Global corporate defaults hit 69 YTD in May, with Europe on its highest default pace since 2008. Dive into loan-level data to rapidly identify pockets of stress and adjust your portfolios accordingly by leveraging PitchBook’s Index Components Tree Map to compare sector and rating-level concentrations against current and historical benchmarks. Uncover hidden risks and opportunities ahead of the curve. Learn how PitchBook Credit delivers unmatched transparency into the key drivers of leveraged loan performance here: