News & Analysis
driven by the PitchBook PlatformCredit
How big is the US leveraged loan repricing opportunity in 2025?
Repricing activity remains hot this month as the secondary loan prices rally, indicating robust investor demand for the asset class.
How 10 private credit firms came to manage a third of the industry’s capital
In 2025, the top 10 GPs will manage 33% of all capital raised by the private credit industry, the highest share in a decade.
Sixth Street, Northwestern Mutual announce latest private credit tie-up
Private credit managers have long courted insurers as potential reservoirs of capital for the alternative asset class
Court of Appeals ruling in Serta puts uptier transactions on shakier ground
The ruling could have implications for liability management exercises.
Webinar: Leveraged Loan & Private Credit Outlook — Wednesday, Jan. 15
Thought leaders from LCD will take a look at where the markets might lead us in the quarters ahead.
Leveraged loan payment default rate falls as companies lean in to LMEs
Payment and bankruptcy defaults (excluding LMEs) fell to 0.91% by amount at the end of December, from 1.53% at the end of 2023.
2025 US CLO Outlook: Another gangbusters year expected
BofA Securities, Morgan Stanley, Deutsche Bank, BNP Paribas and JPMorgan all project more than $200 billion in new primary-market deals in 2025.
More credit news
December Wrap: Amid record dealmaking, loans gain 0.57% on month, 8.95% in 2024
The annual return was the second strongest performance for loans in eight years.
PitchBook Private Capital Return Barometers
The PitchBook Private Capital Return Barometers are a suite of models that assess the current return environment for US private market funds.
2025 to be a ‘Goldilocks year’ for private credit
An anticipated rise in M&A transactions will unleash more private credit deals. That hope is tempered by concern that increased competition may tighten spreads and loosen covenants on deals.
2025 US Leveraged Loan Outlook: Banks expect busy year, balanced supply mix
Analysts see a more balanced supply mix in the year ahead, with increased LBO and M&A financing.
LMEs impaired first-lien debt recoveries in 2024 bankruptcies – Fitch report
The weighted average first-lien debt recovery for issuers that had gone through LMEs was 23%, compared to 53% for issuers who had not experienced an LME, Fitch said.
Q4 US Leveraged Loan Wrap: Market caps banner year with busy quarter
Exceptionally hot demand from CLOs and retail investors reignited the repricing wave in the fourth quarter.
Q4 US Private Credit Wrap: Optimism returns after election sidelines dealmakers
Lenders are cheering a growing pipeline of LBO activity.
Portability takes hold in European private credit
Europe’s direct lenders are increasingly accommodating portability provisions, as they strive to stay invested in deals for longer.
2025 European Private Credit Outlook: Collaboration in play as market adapts
Private credit players may have retreated to their natural mid-market habitat, but that doesn’t tell the full story as they collaborate with banks on deals via PIKs, hybrid financings and other partnerships.
