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As the spread discount for refis narrows, managers are likely to head straight for the reset
The manager increased the deal size as triple-A spreads show resilience, but mezz widens amid volatility
Resets and refis dominate the pipeline but managers struggle to push below 150bp
Structural protections should keep defaults and downgrades low amid geopolitical and macro risks
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How to get rid of old friends -
Primary spreads have so far withstood geopolitical risk and borrower concerns, but the balance is shaking
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The manager’s first new issue since 2022 was priced tight across the stack
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The way PE firms operate is changing and banks are being forced to adapt
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Even a small tightening could unlock huge dealflows, but investors appear to push back amidst a wave of issuance
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Approach to credit monitoring matters more than triple-C bucket size as market vulnerability is expected to drive manager tiering
