Credit

The deal looks to benefit from what the borrower says is low AI disintermediation risk in the insurance market.

The restriction in the primary bond documentation for the new offering appears to rule out a rumoured three-way tie-up between Cedacri, Cerved and Prelios that bankers and investors said would have helped struggling Cerved refinance at lower rates.

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.

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.

Software companies make up roughly a third of the leveraged loan distressed cohort.

The payment default rate of the Morningstar LSTA US Leveraged Loan Index was a slim 0.55% in October.

The firm has long pushed for a more liquid market for private credit assets and has been active in secondary markets.

The riskier, triple-C loans returned negative 2.87% in October, their worst month since February.

The US Leveraged Loan Index Monthly Wrap captures the dynamics of the primary and secondary leveraged loan markets. Commentary and data include detailed analysis of Morningstar LSTA US Leveraged Loan Index returns and pricing trends. Institutional loan issuance, maturity wall breakdowns, market supply/demand dynamics, market flex data, returns by asset class and outperforming and underperforming credits are among the topics discussed.

Increased competition has reversed industry dynamics, according to Rony Ma, Managing Director of KKR’s Credit & Markets team.

The Global Distressed Credit Weekly Wrap provides a comprehensive summary of the latest news for leveraged loans and high-yield bonds, and a rundown of courtroom bankruptcy activity.

Deepening macroeconomic pressures and intense input cost inflation forced management to slash its full-year profit and free cash flow guidance.

The triple-A rated company priced $25 billion of notes on Oct. 29, adding to a staggering sum from hyperscalers this year.

Stress has been rising among private credit borrowers, largely under the surface.

The credit profile of distressed loans is weaker than during the pandemic sell-off.

The European Leveraged Loan Default Monitor provides a high-level view of default and distressed activity among companies in the Morningstar European Leveraged Loan Index. Topics covered include default rates capturing payment defaults and liability management exercises, and forward indictors from distress ratios to downgrade activity.

Lenders buzzed about these opportunities at the recent Private Credit Connect: East conference in Miami.

Continuation vehicles are an increasingly popular way for private credit GPs to return capital to existing LPs while retaining underlying assets.