AI, tariffs and macro shifts have driven uncertainty and a bifurcated loan market. Panelists assess credit fundamentals, dispersion and the risks and opportunities in portfolios.
The loan market continues to evolve. LSTA and Fitch Ratings analysts held their mid-year review of: Market Trends, Defaults & LMEs and Second-Half Outlook. Presented by: Hugo Pereira, Vice President of Market Analytics & Investor Strategy, LSTA and Fitch Ratings analysts Joshua Clark, Senior Director, Leveraged Finance, Corporates, Brendan Hoelmer, Director, Leveraged Finance Group and...
The loan market continues to evolve. LSTA and Fitch Ratings analysts held their mid-year review of: Market Trends, Defaults & LMEs and Second-Half Outlook. Presented by: Hugo Pereira, Vice President of Market Analytics & Investor Strategy, LSTA and Fitch Ratings analysts Joshua Clark, Senior Director, Leveraged Finance, Corporates, Brendan Hoelmer, Director, Leveraged Finance Group and...
Concerns over the health of the economy pushed returns on broadly syndicated loans (BSL) lower to 0.45% in August, according to the Morningstar LSTA Leveraged Loan Index (LLI), amid a pull back from the April-to-July period, when loan prices rallied 3 points after falling sharply on April 2nd on the administration’s tariff announcement. In sum,...
U.S. direct lending loans shrugged off a difficult start to the quarter and followed broader capital markets higher after the administration’s decision to pause the “Liberation Day” tariffs. The announcement led to a rebound in markets, lifting the average fair value of direct lending loans, pushing returns higher.
Analysis & Data, LSTA publications on the private corporate credit market
The market continued to tilt in favor of borrowers in July, leading to a record level of activity in the primary market driven by repricings, even as M&A remained elusive.
Panelists discussed this year’s volatile market conditions and the shifting economic outlook, with a focus on the broadly syndicated loan (BSL) market. Discussion topics will include loan documentation, signs of stress in portfolios, sectors facing increased risk, and the current default landscape—including liability management transactions (LMTs) and their effect on recoveries. Panelists also share their...
Panelists discussed this year’s volatile market conditions and the shifting economic outlook, with a focus on the broadly syndicated loan (BSL) market. Discussion topics will include loan documentation, signs of stress in portfolios, sectors facing increased risk, and the current default landscape—including liability management transactions (LMTs) and their effect on recoveries. Panelists also share their...
Panelists discussed this year’s volatile market conditions and the shifting economic outlook, with a focus on the broadly syndicated loan (BSL) market.
The U.S. direct lending market posted softening sequential results in the first quarter of 2025, highlighting the asset class’s resilience but not fully capturing the uncertainty that roiled markets in early April, according to two leading market benchmarks. Total return in the first quarter softened to 2.1%, according to the Cliffwater Direct Lending Index (CDLI),...
Analysis & Data, LSTA publications on the private corporate credit market
