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Competition between the private credit and broadly syndicated loan (BSL) markets is intensifying, with developments on both sides blurring the distinctions between the two products. One of these distinctive features is the...more
Notwithstanding at least some deterioration in documentation standards towards the top-end of the private credit market in recent years, maintenance leverage covenants have remained a pervasive feature of unitranche as an...more
General market unease in the first fiscal quarter of 2023 was evident. The back-to-back collapse of two regional banks spooked investors and the effects of two federal rate increases rippled through the market. Uncertainty in...more