Secondaries specialist unveiled a new private credit fund as part of its efforts to expand into the private wealth market.

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

Europe’s secondary loan market stabilised by mid-week, following a sharp fall on Aug. 5 that brought the worst daily return in the ELLI since October 2023.

Leveraged finance markets plunged in recent sessions as investors reassessed the health of the economy following weak economic data.

Median discounts to the last round have gone from 46% to 31% in the last six months

Given the strength of European loans and a toppy secondary market, managers fear it won’t be long before sponsors and arrangers take advantage of the supportive technical to bring repricings.

Earnings continue to suffer from the burgeoning costs of Hertz’s bet on electric vehicles.

Manulife’s secondaries co-head talks about how to get fair pricing in GP-led continuation deals.

Many European loan borrowers have been able to reduce costs through recent repricings, but sustained higher interest rates have put operational pressure on the balance sheets of more-challenged companies.

Bonds backing Spirit Airlines Inc. took another tumble today after a ruling blocked its proposed acquisition by JetBlue Airways.

The move above the par level comes as the secondary loan market surged over the last few months of 2023, resulting in a banner year for the asset class.

A practice that was previously common at the height of the 2021 bubble—founders selling shares as secondaries as part of a funding round—has all but ceased. Both founders and early-stage investors in need of liquidity may want to sell a portion of their shares; they just don’t always want the other party to.

The Morningstar European Leveraged Loan Index (ELLI) had a strong April, boosting the year-to-date return to 5.26% — the best for any comparable period since the Global Financial Crisis.