2022年9月15日 · As the Broadly Syndicated Institutional Loan (“BSL”) market has gyrated – mostly downward – in 2022, a number of would-be syndicated loans have been replaced by private credit jumbo unitranches. This has increased speculation about the interplay of the BSL and private credit markets going forward. Will they be competitors?

Broadly syndicated loans (BSLs) are the most common form of leveraged bank loans — i.e., loans supported by cash flows to finance mergers, acquisitions, and recapitalizations. The most prominent investors in bank loans are collateralized loan obligations (CLOs), which control approximately 65 percent of the BSL market share.

Golub Capital’s Broadly Syndicated Loan (“BSL”) investment strategy focuses on curating well-diversified portfolios of high-quality syndicated senior secured loans that are structured, arranged and administered by large commercial or investment banks.

2024年6月30日 · Companies with BSLs facing tough refinancing conditions, for instance, could turn to the private markets for financing, potentially sidestepping defaults.

2024年11月6日 · While the broadly syndicated loan (“BSL”) CLO market is both very active and significantly larger, the growth of SME/PC CLOs reflects the expanding role of private credit in today’s financial environment.

2022年8月11日 · Private debt loans are expected to be held until maturity as they are relatively illiquid while BSLs can be bought and sold with greater ease. The borrowers within the private debt market are smaller to medium sized companies.

2022年8月23日 · There are many factors to consider when comparing direct lending vs BSL. For example, direct lending is: Faster: The speed to execute deals is exponentially faster than the BSL market, as well as more effective. It’s easier to manage smaller group of …

2024年12月31日 · Invesco uses its credit expertise and market-leading position as one of the largest asset managers in the leveraged loan market to provide investors with unique access to attractive investment opportunities in senior secured loans. What important factors should investors consider when selecting a bank loan manager?

2024年9月26日 · Based on the most helpful WSO content, here are the key factors that influence a company's decision to pursue broadly syndicated loans (BSL) versus private credit: BSL Market: Generally, syndicated deals can be more price competitive on the public side. Private Credit: Often more expensive but can provide greater certainty.

5 天之前 · The persistent technical imbalance in the BSL market has compressed new-issue spreads to the lowest level in over a decade across the full credit quality spectrum. Most borrowers migrating from private credit to a syndicated solution received a B-minus corporate credit rating once they tapped the BSL market.