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
Markets seized up in April, plummeting on the news that the Trump administration would apply higher-than-expected reciprocal tariffs across America’s largest trading partners.
Analysis & Data, BSL Market Monthly publication and charts
