Credit

Analysts and investors point out that there are alternative funding paths available to highly leveraged neoclouds such as CoreWeave.

LCD’s spread-per-unit-of-leverage (SPL) metric shows that BSL lenders are being paid less for risk on LBO loans than at any point since 2007.

The Global CLO Weekly Wrap combines breaking commentary with the latest CLO and loan data for the US and European markets. Data includes individual deal details as well as broad market volume and spreads, divided by coupon, deal type and ratings. All charts and underlying data are provided in a corresponding data pack.

Price talk on the new debt is S+600, and the financing will extend maturities by five years.

Lenders have reined in their exposure to software companies this year, putting software borrowers with upcoming debt maturities in a bind.

The European Leveraged Loan Index Monthly Wrap captures the dynamics of both the primary and secondary leveraged loan markets. Commentary and data include detailed analysis of Morningstar European Leveraged Loan Index returns and pricing trends. Topics discussed include Institutional loan issuance, maturity wall breakdowns, market supply/demand dynamics and returns by sector and asset class.

Leveraged loans are a natural asset class to provide the collateral that lenders are now demanding in deals.

The US Private Credit & Middle Market Weekly Wrap highlights the latest activity in the private credit asset class, including in-depth stories, complemented by data on middle-market deals.

Cipher Digital’s new debt raise has fueled investor anxiety over AI overspending.

The transaction included a new senior secured credit facility provided by US Private Credit Investments, a division of BTG Pactual.

Lenders are drawn to the sector’s diversified industrial end markets with long-term demand and revenue visibility.

Outflows outpaced inflows among non-traded BDCs in Q2 for the first time since at least 2022, according to a PitchBook analysis of cash flow statements.

The European Private Credit Monitor provides a high-level view of private credit market activity. Topics covered include counts and estimated volume, spread distribution and leverage.

Borrowers in the AI space have relied heavily on bond markets this year.

The continuation vehicle transaction will provide liquidity to WhiteHorse investors and lead to the delisting of the public BDC, which trades below its book value.

The last time this near-term maturity wall for BDCs approached 20% of total outstandings was at the peak of Covid-19 disruption.

The US High-Yield Bond Weekly Wrap is the definitive report on the latest activity in the high-yield and high-grade bond markets, featuring commentary and data on the week’s headline news.

The US Private Credit Monitor provides a high-level view of private credit market activity. Topics covered include estimated volume and counts, spread distribution, syndicated and direct lending takeouts, and middle market CLO issuance.