Opening the Aperture: Developments in Hybrid Capital
Hybrid capital solutions have attracted significant investor interest in recent years as its use case has expanded.
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BSL Posts Strong Returns in 2024 Amid Robust Investor Demand
Attractive yields in a benign credit environment drove demand for loans in 2024. Carry propelled returns on U.S. broadly syndicated loans (BSL) to 8.95%, according…
Uptiers Upended? Fifth Circuit Strikes Down Serta Restructuring Plan (and More!)
On New Years Eve, the Fifth Circuit struck down the Serta “uptiering” restructuring. LSTA’s Elliot Ganz offers some early impressions on this hugely important case.
November Secondary Trading Volume Remained Elevated; Record Annual Volume Figure in Reach
LSTA secondary loan trading volume remained elevated in November at $72.3 billion, noting that monthly activity remained above the $70 billion barrier for the second…
Choose Your Own (Ad)Venture
It seems not a day goes by without a new bank-credit fund partnership being announced. However, often there is not much color on the partnership…
BDC Quarterly Wrap: 3Q24
The BDC Quarterly Wrap highlights select data points to provide a readout on BDC growth, structure, financing and asset quality. For context, growth data includes…
NAIC Upholds 45% RBC Factor for All Securitization Residual Tranches
This article has been updated to highlight new details on the transition to model-based RBC charges for CLO notes. On December 5th, the NAIC’s SSG…
Direct Lending Loans Returns Stable in 3Q
U.S. direct lending loans posted consistent and stable returns in the third quarter, according to benchmark indices that track the asset class. The Cliffwater Direct…
FSOC 2024 Annual Report: Lukewarm on Private Corporate Credit
The Financial Stability Oversight Council (FSOC) addressed its financial stability concerns for private credit in its 2024 annual report published late last week. The report…
Geopolitics and the Loan Market: What’s in Store for 2025
On December 5th, the LSTA hosted a webinar, Geopolitics and the Loan Market: What’s in Store for 2025, presented by Geopolitical strategist David Chmiel, who…
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