2024 US Leveraged Loan and Private Credit Outlook

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The US broadly syndicated loan and private credit segments battled a challenging leveraged finance market—and each other—in 2023, amid fallout from rate hikes and increased competition for deals. Where will the challenges and opportunities lie in 2024, and how will the default picture impact the markets?

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Key topics

US leveraged loan market: Trends and analysis—including a look at issuance, LBOs, credit risk, returns, and supply vs. demand
Private credit: Will deal activity rebound? How will tightening credit spreads impact this segment? What is the outlook for defaults and recoveries?
Broadly syndicated loans: Default and distressed debt outlook, including special emphasis on distressed exchanges
CLOs: After a record year of private credit and middle market issuance, how will this investor segment evolve?

Featuring

Tim Cross
Editor-in-Chief, LCD
Tim has been with LCD since 2001. He was the first to edit LCD’s news and analysis, and oversee the development of the lcdcomps.com news platform. He went on to manage the group’s IT team and application development, and he later directed LCD’s social media. Prior to joining LCD, Tim spent eight years as managing editor at LPC Reuters, where he edited the company’s flagship Gold Sheets publication, ran the US and London editorial groups, wrote news stories and oversaw league tables. Before LPC, Tim was managing editor of Bank Loan Report, where he wrote news and feature stories. He also contributed to its sister publication, Investment Dealers’ Digest.
Marina Lukatsky
Senior Director, Global Head of Research, Credit and US Private Equity
Marina Lukatsky is a senior director and global head of credit and US private equity research, and leads the firm’s coverage of US and European leveraged loan, high-yield bond, and private credit markets. Lukatsky is responsible for developing analytics and commentary detailing trends in the global leveraged finance market. She leads a team of analysts producing weekly, monthly, and quarterly research content covering the leveraged loan and private credit markets, and regularly contributes analytical commentary to LCD News and quarterly research reports covering a wide range of leveraged loan and private credit trends.

Lukatsky holds an MBA from New York University and a bachelor’s degree in Finance from Pace University. She is based in PitchBook’s New York office.
Rachelle Kakouris
Director, EMEA Credit Research
Rachelle Kakouris covers the US leveraged finance markets with a focus on stressed and distressed credits. Before joining LCD, Kakouris was a reporter for Reuters and IFR on the US high-yield corporate bond market in New York. Prior to that, she covered sovereign and covered bonds as a markets reporter for IFR Magazine and IFR Markets in London during the height of the financial crisis.
Abby Latour
Managing Editor, US Private Credit
Abby currently writes about middle-market loans and private credit for LCD. She started at LCD in 2004, writing about high-yield bonds, later turning her attention to distressed debt during the credit crisis. From 2009 to 2013, she wrote about Asia-Pacific credit markets for LCD, while based in Hong Kong. Prior to S&P Global, she was with Reuters, first as a correspondent in the Nordic region and then as a copy editor based in London.
Glen Fest
Senior Editor, US CLOs

Glen Fest is a senior editor for PitchBook LCD covering the CLO market. He joined LCD in 2021 from Arizent (formerly Sourcemedia) where he was a long-time editor and reporter for publications such as Asset Securitization Report, American Banker Magazine, US Banker and Bank Technology News. He is also a former managing editor for Adweek Magazine. Fest is a journalism graduate of the University of Oklahoma.