Kadenwood Group

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Borrower-side private-credit execution data generated as byproduct of a debt-advisory book, contextualised against third-party benchmarks. What this page demonstrates is the analytical frame the firm works in: private-credit pricing decomposition — spread over base rate, all-in implied yield, coupon, price as a percentage of par, and composition effects (which loans enter and leave a sample) — used to separate genuine repricing from mix shifts. Kadenwood's own latent asset, generated every mandate, is the executed-deal record behind placements: borrower and structure, facility type (term loan, NAV / fund-finance, revolver), achieved spread, coupon, fees, amortisation and covenant set, the lender types competed against each other, and bid-versus-final terms. The published piece itself is commentary on a THIRD-PARTY series — Houlihan Lokey's Private Performing Credit Index (576 bps weighted spread at 30 June 2026, the tightest reading since the series began 30 September 2017; all-in yield 9.97%, up from 9.70%; price ~98.79% of par; 722 bps at the 30 June 2023 high, twelve consecutive quarterly declines totalling 146 bps of compression; prior pre-cycle low 607 bps at 30 September 2019; ~2 percentage-point yield premium over the ICE BofA US High Yield Master II) — which Kadenwood does not own and cannot licence