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  Credit

  Q3 US Leveraged Finance Survey: High-yield bonds expected to outperform

  October 2, 2024

  Credit spreads are expected to tighten moderately.

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  Leveraged Loans

  Loan fund AUM falls, snapping growth streak, with rate cuts in play

  September 27, 2024

  Loan fund AUM has declined in prior rate-cutting cycles, though much depends on the cause of the cuts.

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  Distressed & Defaults

  US leveraged loan default rate to hover around 1.50% through June 2025 — S&P

  September 25, 2024

  The agency believes issuers will benefit from interest rate reductions and good financing conditions in the months ahead.

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  Private Credit

  Margin compression remains key challenge in private credit – Morningstar DBRS

  September 19, 2024

  Morningstar DBRS continues to observe a net decline across key portfolio credit metrics, driven by soft revenue and margin trends.

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  High-Yield Bonds

  JP Morgan boosts European high-yield supply forecast to €120B

  September 10, 2024

  The increase from €100B is based on the bank’s expectation of a heavy fundraising season ahead as issuers lock-in lower bond yields.

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  Credit

  Interest returns buoy loan investors amid volatility

  September 5, 2024

  The leveraged loan index has posted a 5.78% return so far this year despite a 53 bps market value loss.

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  Credit

  Credit estimate snapshot shows higher leverage across sectors – Morningstar DBRS

  August 27, 2024

  The modest proportion of new CEs suggests that M&A activity, which drives the demand for new CEs, remains subdued.

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  Credit

  Loan issuer EBITDA growth persists despite higher rates

  August 19, 2024

  Revenue and EBITDA comperables improved 2-4% in each of the past five quarters.

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  Leveraged Loans

  Investors hunt value as recession fears hit Europe’s leveraged sectors

  August 16, 2024

  Firm demand for credit has not been enough to support all names as uncertainty about rates, consumer confidence and technological change weighs across sectors.

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  Buyout

  TPG’s fundraising haul boosts AUM to nearly $230B

  August 6, 2024

  The PE firm expects to rake in more capital for credit, PE and infrastructure strategies than last year.

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  PB Q&A

  Individual investors remain eager for PE exposure

  August 6, 2024

  PE strategies, including buyouts and growth equity, continue to attract individual investors.

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  High-Yield Bonds

  JP Morgan widens European spread targets, cites ‘potent cocktail’ of risk

  August 5, 2024

  European high-yield is “barely pricing any recession risk,” according to the bank.

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  Distressed & Defaults

  Leveraged loan default rates fall in July

  August 2, 2024

  Soft defaults via liability management exercises (LMEs) have overtaken payment defaults this year.

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  Leveraged Loans

  Leveraged loans boosted by interest returns; M&A deals resurface

  August 2, 2024

  In July, speculative-grade borrowers issued $16.0 billion of M&A-related loans, including $7.4 billion for LBOs, a 10-month high.

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  Credit

  Q2 US Leveraged Finance Survey: Stage is set for M&A revival

  July 1, 2024

  Respondents expect leveraged loans to outperform high-yield bonds in the next six months.

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  Credit

  Q2 US Leveraged Loan Market Wrap: Demand surges, leading to record activity

  June 27, 2024

  Repricing and refinancing took center stage; borrowing spreads fell across the board.

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  Credit

  Research Outlook H2 2024: Loosening credit markets to facilitate M&A upswing

  June 27, 2024

  While restructurings may trend lower, liability management transactions will make up a significant share of the restructuring landscape.

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  Distressed & Defaults

  European corporates in spotlight as loan defaults rise

  June 27, 2024

  The financial woes of a few large, highly levered corporates are catching the market’s attention.

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