New analysis from PitchBook LCD: Which asset class is more at-risk from tariff turmoil: private credit or bank-led, syndicated loans? While in the Low-Median tariff sensitivity range, syndicated loans are slightly more at-risk than their private credit counterparts, partly due to

The specter of prolonged tariff turmoil prompts an important question: How exposed to trade disruption is today’s still burgeoning private credit segment? This question is all the more pointed in that, as the name of the asset class implies, private credit affords potential

Europe’s restructurings market might be getting its first taste of US-style creditor-on-creditor violence courtesy Hunkemoller, a Dutch lingerie retailer, over which a US hedge fund (a defendant) and a group of now-subordinated lenders (the plaintiffs) are sparring. The.

Please join PitchBook LCD for our latest leveraged loan and private webinar, on Wednesday, Jan. 15. Registration for this complementary webinar: Despite a shortage of LBO and other new-money deals it was a record-shattering fourth quarter and calendar.

Among notable syndicated loan market milestones in 2024, the increasing use of liability management exercises — distressed debt swaps for the most part — by issuers staring down impending maturities bears special mention. Indeed, while old-school payment defaults were more scarce

“This may be the first time ever that strength in the US economy is causing higher defaults,” a market pro says. Indeed, still-lofty interest rates have distressed investors excited about opportunities in 2025, as troubled issuers maneuver to navigate steeper debt service costs.

Encouraging news for those worried about deeply indebted borrowers being able to navigate what look to be still-high interest rates in 2025: Earnings at US leveraged loan issuers increased anew in the third quarter, by 5%, which is sure to help those companies keep up with the

The still-hot private credit market is expected to pick up even more steam into 2025, with investor appetite for deals likely to outpace loan issuance and with covenants on new credits loosening amid heated demand. So says a broad swath of credit providers, PE shops, advisory

The proliferation of borrower-friendly liability management exercises continues to shape the US leveraged loan default landscape. The default rate including distressed exchanges increased to 4.40% in October from 4.21% a month earlier, while the traditional, payment/bankruptcy

4Q 2024 European Leveraged Loan & Private Credit Webinar. Complimentary registration: Event details:.Tuesday, Nov. 19, 2024.Time: 3 p.m. GMT (10 a.m. ET).Duration: 60 minutes. In this webinar, our credit experts will discuss how supply and demand.

In a sign of today's bullish credit market times, the ranks of US #leveragedloan Weakest Links - a harbinger of default activity - just hit a two-year low. But this ostensibly cheery news is a largely a result of the proliferation of liability management exercises by distressed

An early milestone for the US #leveragedloan market. With 2 full months left in 2024 there already has been a whopping $1 trillion in leveraged loan activity this year. The trillion dollar figure includes issuance of new loans, as well as loan repricings, which don’t add net new

Payment defaults among US leveraged loan issuers remain scarce, with just one bankruptcy filing in September, bringing that default rate to a thin 1.26%. But when factoring in liability management exercises such as distressed exchanges the default rate increased anew, to 4.21%,

Monday’s 0.55% drop in the Morningstar LSTA Leveraged Loan Index was one of the worst days for the asset class since the pandemic onset, as the market fell in sympathy with other risk assets following last week’s disappointing jobs report. One potential consequence of the plunge:

It was another dizzying quarter for the US syndicated loan market, with $405 billion in overall activity, mostly via a ceaseless parade of borrowers repricing existing debt lower (along with what was relatively subdued new loan issuance and a host of refinancings). That number is