The top left chart shows the new-issue yields of middle market and large corporate (broken out by EBITDA) loans.
The top right chart shows new-issuance leverage loans by purpose as of the 12-months ending March 31, 2022. The economic environment of the last year and half has driven an increase in refinancing, LBOs and acquisitions.
The bottom left shows the default rate for private credit since the start of the pandemic. After peaking at 8.1% in 2Q20, the default rate now sits below 2%.
The bottom right shows the % of middle market and large middle market loans that are covenant-lite. More than 50% of large loans are covenant free, while less than 15% of middle market loans are cov-lite.