Mid Year Review 2024

  • 17th July 2024

Executive Summary

Yields and relative value in private credit remain high.

Pemberton’s mid-year review looks at the trends of the first 6 months of the year and finds an overall improved picture with strong momentum for private credit: Opportunities up, margins tightening, but yields and relative value remain high.

The trends observed in Q4 2023 have continued into the first half of 2024 as M&A activity continues to pick-up and, as inflation levels have largely normalised and interest rates are expected to decrease, sentiment continues to improve.

The opportunities from the mid-market remain attractive with yield premiums at 250-300bps over equivalent rated loans in the syndicated markets and European mid-market companies outperforming its US equivalents according to a study by Lincoln International.

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