Cov-lite proliferates, leverage climbs in middle market as new funds pile in
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Cov-lite proliferates, leverage climbs in middle market as new funds pile in

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Yield-chasing investors are piling into US direct lending, and the move is taking its toll on credit underwriting. Cov-lite terms and more aggressive leverage are seeping into the traditionally conservative middle market space, even as the spreads on offer track tighter to the larger broadly syndicated market.

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