Leveraged Commentary & Data (LCD)—now part of PitchBook 

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With the acquisition of LCD, PitchBook will offer the most essential and comprehensive intelligence of the US and European leveraged finance market. 

Real-time news coverage on leveraged loan and high-yield bond originations, pricings and trading

The data you need, delivered with speed and simplicity

What is PitchBook?

PitchBook is the leading resource for comprehensive data, research and insights, spanning the global capital markets —including on companies, investors, funds, investments, exits and people. We provide customers with the tools they need to discover new opportunities, work more efficiently and make informed decisions to help them win what's next.

Turn information into business intelligence

Compare loans currently in the market with similar, recent transactions

View marks and compare how various BDCs value the same investments

Learn more about the syndicated loan market

Explore the mechanics of the syndicated loan market, including how these loans are used, formatted and priced.

Produced by veteran journalists and analysts, LCD’s news coverage allows you to track deals throughout their lifecycle and compare them against the rest of the market.

PitchBook completes acquisition of LCD via parent company, Morningstar

Morningstar, a leading provider of independent investment research has completed its previously announced acquisition of Leveraged Commentary & Data (LCD), a market leader in news, research, data, insights and indexes for the leveraged finance market from S&P Global.

The acquisition of LCD will complement PitchBook’s robust product and research capabilities and existing private debt data, providing coverage of every metric of the leveraged loan market, including structure, pricing, yield and volume along with secondary market performance and LBO/private equity activity.

Demand for leveraged loan datasets is expected to increase as the private credit market continues to grow, and alternative asset managers increasingly view private credit as a critical asset class to have exposure to. By integrating LCD’s data, news and analysis on leveraged loans into the PitchBook Platform, we’ll be able to provide investors with unmatched transparency into every aspect of the private capital markets through a single, centralized solution. Additionally, the S&P/LSTA Leveraged Loan Index—the flagship benchmark for this asset class—and related indexes will become part of the expanding fixed-income capabilities from Morningstar Indexes. 

What is LCD?

LCD is the only provider of real-time coverage of the US and European leveraged loan and high-yield bond markets, from deal inception through the trading life of the debt. With over 500 leveraged loan indexes in the US and Europe that track performance, index characteristics and risk measures, LCD is the industry standard for leveraged loan data, news, analysis and indexes, providing coverage across the full loan lifecycle. Additionally, LCD provides growing coverage of investment grade bond issuance, distressed debt, corporate bankruptcies and middle market transactions. 

Structure and price deals to clear the market

Benchmark pricing and structure on illiquid instruments

Identify possible trade opportunities

Identify co-investments by BDCs in the same company

LCD offers an extensive data base and feeds that deliver key index and deals data to help ensure you receive the factors you need quickly and securely:

PitchBook's existing debt data at a glance

Default rates, secondary spreads and return summaries

Investor technicals, including drivers of supply and demand

Industry stats, including primary and secondary market views of industry activity

Credit stats, including adjusted and non-adjusted leverage and interest coverage multiples

Market-driven price and structure flexes during syndication

Forward calendars of deals before they hit the market

Topical pieces analyzing key developments and macro trends

A daily recap with comprehensive coverage of events