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PITCHBOOK CREDIT


LCD CREDIT NEWS

Identify headline risk, source investment opportunities, and empower your team
with news built on LCD’s 25+ years of market relationships.


LCD CREDIT RESEARCH

Build your understanding of the credit market and macroeconomic impacts across
asset classes with LCD’s coverage of the full credit lifecycle.


LCD CREDIT DATA

Plan your next lending or investment move with access to over 450k+ datapoints
covering leveraged loans, bonds, CLOs, and BDCs.


MORNINGSTAR LEVERAGED LOAN INDEXES

Quickly compare up to ten parent-level indexes or subindexes from a dropdown
menu of 280+ options to streamline your credit workflow.


PRODUCT HIGHLIGHTS

PitchBook Credit, powered by LCD (Leveraged Commentary & Data), is the
comprehensive credit intelligence solution that provides you with the tools and
features you need to drive intuitive data discovery and inform action.


LCD CREDIT NEWS

LCD Credit News allows users to filter stories by time period, keywords, asset
class, issuer name, deal type, and more to navigate our extensive news database,
built on LCD’s years of key market relationships.


LCD CREDIT RESEARCH

LCD Credit Research compiles daily research reports, market commentary, loan
statistics, and informative decks for critical insights across all stages of the
credit lifecycle.


INDEX COMPONENTS TREE MAP

Our Index Components Tree Map transforms how clients perceive index composition,
offering a visual breakdown of sectors and rating groups that highlights
outperformers and underperformers.
LCD Credit News
LCD Credit Research
Index Components Tree Map


ACCESS THE GO-TO RESOURCE FOR CREDIT MARKET PARTICIPANTS

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ADDITIONAL WAYS TO CONSUME CREDIT DATA

Supplement your due diligence with new ways to incorporate our data into your
workflows.


DIRECT DATA

Use our Direct Data feed and API to consume credit news, data, and leveraged
loan performance data for use in off-platform workflows and across your
organization.


PITCHBOOK MOBILE

Keep up with our LCD Credit News & Research on the go. Get customizable feeds
based on your areas of interest and share findings with your team.


EXCEL PLUGIN

Build better financial models in less time with prebuilt templates—then update
them with our latest credit data in a single click.
Credit capabilities by segment

Credit investors

Research: Explore PitchBook’s insights on credit market activity and trends—as
well as its deep database of institutional investors and fund information. Gauge
market opportunity, investor appetite, and the competitive landscape before
launching a credit investment vehicle. Understand loan market activity across
geographies, sectors, and credit ratings to inform your investment strategy.

Evaluate: Strengthen your credit underwriting processes. Ensure a borrower
passes your firm’s credit requirements by building out thorough credit
profiles—including estimating their repayment and default risk potential. Review
their financial statements, as well as full debt and equity financing history.

Execute: Determine the ideal tenure and repayment terms for each loan
agreement—customized by region, sector, and credit risk. Benchmark to
comparables across broadly syndicated loans and private lending deals, then
gather additional insights on how industry peers are structuring and pricing
loan facilities.

Benchmark: Monitor the performance of your overall credit portfolio and examine
competitors’ loan activity. Understand each issuer’s repayment risk by tracking
their financials—and flag potentially underperforming or outperforming
investments.

Commercial banks

Research: Streamline your lending decisions and deepen your understanding of
credit market trends with PitchBook’s best-in-class research. Monitor loan
market activity by region, industry, and credit quality using our advanced
search criteria and Morningstar’s Leveraged Loans Index data.

Evaluate: Strengthen your credit underwriting processes. Ensure a borrower meets
your firm’s credit requirements by building out thorough credit
profiles—including estimating their repayment and default risk potential. Review
their financial statements, as well as full debt and equity financing history.

Execute: Determine the ideal tenure and repayment terms for each loan
agreement—customized by region, sector, and credit risk. Benchmark to
comparables across broadly syndicated loans and private lending deals. Then
gather additional insights on how industry peers are structuring and pricing
loan facilities.

Benchmark: Monitor the performance of your credit portfolio. Understand a
borrower’s repayment risk and efficiently forecast refinancing based on changing
interest rates and credit market activity. Benchmark your activity against
competitors’ to better target both investors and potential borrowers in your
sector of focus.

Corporates

Research: Discover how other corporates are using debt financing to support
their operational goals and fund new growth opportunities with our Debt &
Lenders Screener. Explore our Credit Research Hub and subscribe to our trusted
Credit News to determine if a debt refinancing could be impacted by current
economic conditions or updates in your industry.

Evaluate: Identify and evaluate a few lenders who specialize in your industry to
ensure you’re partnering with the most knowledgeable and trustworthy lender for
your debt financing. Cross-check a proposed loan’s terms, pricing, and issuance
timing with similar corporate loans already in market to ensure it is on par
with current loan activity in your industry.

Execute: Validate that the loan advice and terms from your lending and banking
teams are in-range with similar loan activity in the market. Gather the data you
need to perform a cost/benefit analysis before agreeing to any debt financing.

Benchmark: Monitor whether your business is taking on too much debt relative to
your peers and prioritize paying off some debt if you are. Look at competitors’
balance sheets to see how your company’s debt/equity ratio compares to industry
averages and ensure your business remains an attractive investment.

Limited partners

Research: Build your investment thesis for a credit allocation before presenting
your board or CIO for approval. Research asset class fundamentals and current
market activity to support your portfolio construction decisions.

Evaluate: Identify and perform due diligence on a short list of investment
managers who manage private credit, mezzanine, or CLO funds that meet your risk
and return criteria.

Execute: Diversify your credit asset allocation by selecting multiple fund
managers that meet your investment criteria.

Benchmark: Compare the size of your credit asset allocation to other limited
partners by reviewing their historical asset allocations. Monitor the
performance of your fund managers and compare it to PitchBook’s benchmarks or
the Morningstar Leveraged Loans Index to make more confident allocation
decisions.

Private equity

Research: Take a look at our credit research on leveraged loans and private
credit to determine whether your team should use a broadly syndicated loan or a
direct lending opportunity to help fund your next leveraged buyout. Understand
how broader bank lending activity and interest rates—among other macro
factors—could impact the profitability of your deal selecting either debt
financing option.

Evaluate: Identify and evaluate a few lenders who specialize in the industry
your deal is in to ensure your team is partnering with the most knowledgeable
and trustworthy lenders. Cross-check a proposed loan’s terms, pricing, and
issuance timing with similar LBOs in market to ensure the loan is on par with
current loan activity for the industry in focus.

Execute: Validate that the loan advice and terms you receive from your lending
and banking teams are in-range with similar loan activity in the market before
agreeing to any debt financing. Gather fundamental and quantitative data from
PitchBook’s database to perform a cost/benefit analysis of taking on the debt.

Benchmark: Monitor the debt financing portion of your deal on your portco’s
behalf to provide sound advice on repayment activity across the portco’s capital
stack. Track the lender’s broader activity to determine whether your team would
want to work with this lender in the future.

Venture capital

Research: Stay on top of the emergence of venture debt, particularly as equity
financing becomes more restrictive, by reading our macro and industry reports.
Dig through our database of up-and-coming startups to opportunistically invest
in with the help of some debt financing.

Evaluate: Discover lenders who offer venture debt financing options. Proactively
create a short list of lenders you may want to partner with in the future.

Execute: Reach out to lenders to begin venture financing discussions and
negotiations.

Investment banking

Research: Take a look at our credit research on leveraged loans and private
credit to advise your corporate client on whether a broadly syndicated loan or a
direct lending opportunity would be the better option to fund their next M&A
opportunity. Understand how broader bank lending activity and interest
rates—among other macro factors—could impact the cost and/or profitability of
the deal selecting either debt financing option.

Evaluate: Identify and evaluate a few lenders who specialize in the industry
your deal is in to ensure your team is partnering with the most knowledgeable
and trustworthy lenders. Cross check a proposed loan’s terms, pricing, and
issuance timing with similar loans in market to ensure it’s on par with current
loan activity for the industry in focus.

Execute: Validate that the loan advice and terms you receive from the selected
lender are in-range with similar loan activity in the market before a formal
debt financing agreement is put into place. Gather fundamental and quantitative
data from PitchBook’s database to perform a cost/benefit analysis of taking on
the debt or not.

Benchmark: Monitor the debt financing portion of the deal on your client’s
behalf to provide sound advice on repayment activity across the client’s capital
stack. Track the lender’s broader activity to determine whether your team would
want to partner with this lender in the future.

Bulge bracket investment banks

Research: Position yourself as a true leveraged loans subject matter expert by
understanding all leveraged loan activity across different industries and
advising your clients on issuance timing and pricing accordingly.

Evaluate: Gather leveraged loans stats and performance information on comparable
loans in market to ensure your team is structuring and pricing the opportunity
fairly. See how other leveraged loans in the industry of focus are being rated
by credit rating agencies. Identify other lenders you’d want to partner with in
the syndication.

Execute: Officially form a syndication based on the information you gathered
from PitchBook. Build a book of interested buyers for your leveraged loan.
Structure, price, and time the issuance of the leveraged loan under conditions
most ideal to your client.

Benchmark: Monitor the performance of your leveraged loan on behalf of your
client. Advise your client on how and when they should pay down their debt based
on market and industry conditions.


LEARN MORE ABOUT PITCHBOOK CREDIT


 * US CREDIT MARKETS QUARTERLY WRAP
   
   
   The US Credit Markets Quarterly Wrap provides a comprehensive look at the
   dynamics of the primary and secondary US leveraged finance markets.
   
   
   
   Learn more


 * RE-EMBRACING RISK: THE STATE OF THE US LEVERAGED LOAN AND PRIVATE CREDIT
   MARKETS
   
   
   With the interest rate landscape beginning to settle, loan investors and
   issuers are returning to the finance markets, heightening already-tense
   competition between syndicated lenders and private credit.
   
   
   
   Learn more


 * US LEVERAGED LOAN INDEX MONTHLY WRAP
   
   
   The US Leveraged Loan Index Monthly Wrap captures the dynamics of the primary
   and secondary leveraged loan markets.
   
   
   
   Learn more




STAY CURRENT ON THE LATEST IN THE CREDIT MARKET

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Index Disclaimer: The Morningstar LSTA US Leveraged Loan Index and Morningstar
European Leveraged Loan Index (Indexes) are market value-weighted indexes
designed to measure the performance of the US and the European institutional
leveraged loan markets. The Indexes seek to replicate the invested institutional
leveraged loan market.

The Indexes are priced daily and rebalanced weekly. PitchBook Data maintains the
Indexes, which includes: updating loans in outstanding and spreads, tracking
full repayments and new deals, as well as ensuring all of the ratings activities
associated with the loans are updated. PitchBook sends the rebalanced
composition of the Indexes to the Benchmark Administrator weekly. Morningstar is
the calculation agent for the Indexes.

INDEX DISCLOSURES: MORNINGSTAR INDEX DATA AND ASSOCIATED REPORTS (“DATA”) IS FOR
INFORMATIONAL USE ONLY, SUBJECT TO CHANGE AND IS PROVIDED “AS IS”. THE DATA IS
PROPRIETARY TO MORNINGSTAR AND REPRODUCTION, TRANSCRIPTION, OR OTHER USE, BY ANY
MEANS, IN WHOLE OR IN PART, WITHOUT THE PRIOR WRITTEN CONSENT OF MORNINGSTAR IS
PROHIBITED. THE DATA ARE NOT BE USED FOR ANY UNLAWFUL OR UNAUTHORIZED PURPOSES.
THIS DATA DOES NOT CONSTITUTE AN OFFER OF SERVICES IN JURISDICTIONS WHERE
MORNINGSTAR, INC OR ITS RESPECTIVE AFFILIATES DO NOT HAVE THE NECESSARY
LICENSES.

NONE THE INFORMATION PROVIDED CONSTITUTES AN OFFER BY MORNINGSTAR, INC., MEMBERS
OF ITS INDEX GROUP OR ANY OTHER DIRECTOR, OFFICER OR EMPLOYEE OF MORNINGSTAR,
INC. AND ITS AFFILIATES TO BUY OR SELL, OR A PROMOTION OR RECOMMENDATION OF, ANY
SECURITY, PRODUCT OR TRADING STRATEGY. FURTHER, THE DATA DOES NOT CONSTITUTE
INVESTMENT ADVICE OR A RECOMMENDATION TO MAKE OR REFRAIN FROM MAKING ANY KIND OF
INVESTMENT DECISION.

INDEXES CANNOT BE INVESTED IN DIRECTLY AND THE RETURNS SHOWN WITHIN THE REPORT
DO NOT REFLECT THE PERFORMANCE OF AN ACTUAL TRADING ACCOUNT. INCLUSION OF A
SECURITY WITHIN AN INDEX IS NOT A RECOMMENDATION TO BUY, SELL OR HOLD THAT
SECURITY.

NEITHER MORNINGSTAR, INC. NOR MEMBERS OF ITS INDEX TEAM OR ANY OTHER DIRECTOR,
OFFICER OR EMPLOYEE OF MORNINGSTAR, INC. OR ITS AFFILIATES MAKES ANY CLAIM,
PREDICTION, WARRANTY OR REPRESENTATION, EXPRESSLY OR IMPLIEDLY, EITHER AS TO THE
RESULTS OF A MORNINGSTAR INDEX(ES) OR THE FITNESS OR SUITABLY OF THE INDEX(ES).
USE OF A MORNINGSTAR, INC. INDEX TO CREATE A FINANCIAL PRODUCT REQUIRES A
LICENSE FROM MORNINGSTAR, INC.

ALL INFORMATION PROVIDED IS IMPERSONAL AND NOT TAILORED TO THE NEEDS OF ANY
PERSON, ENTITY OR GROUP OF PERSONS. NO CONTENT MAY BE MODIFIED,
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