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…
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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…
A Primer on BDCs
BDCs have become significant players in the private credit landscape, with publicly traded, non-traded, and private BDCs offering varying levels of liquidity.
Regulatory Framework and Oversight
Generally, managers who act as advisers to registered funds and private funds in private corporate credit are registered investment advisers (RIAs).
The Latest Financial Stability Reports: What’s New on Nonbanks and PCC
The Bank of England (BoE), the Federal Reserve (Fed) and the International Monetary Fund (IMF) recently published their semi-annual financial stability reports (FSR). As they…
LSTA Releases Essential Private Corporate Credit Glossary and FAQ
The LSTA, the trade association for the corporate loan market, today released an essential Glossary of Private Corporate Credit (“PCC”) terms and an accompanying Frequently Asked…
Private Corporate Credit (PCC) Glossary
The PCC market is rife with jargon. While this glossary is not intended to be exhaustive, it seeks to make the jargon accessible.
Private Corporate Credit (PCC) FAQs
We answer ten frequently asked questions about PCC. (Some readers may find it helpful to reference the LSTA’s Private Corporate Credit Glossary simultaneously.)
Leverage in Private Corporate Credit Vehicles: PCLOs
As we’ve highlighted previously,funds that invest in private corporate credit (PCC) (e.g., commingled funds, separately managed accounts and business development companies (BDCs)) often utilize collateralized…
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Membership in LSTA offers numerous benefits and opportunities. Chief among them is the opportunity to participate in the decision making process that ultimately establishes loan market standards, develops market practices, and influences the market’s direction.
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