Investor Presentaiton
MARKET OPPORTUNITY
Middle market loans have provided high yields and consistent premiums to syndicated markets
FIRST LIEN TERM LOAN YIELDS¹
12%
10%
8%
6%
4%
2%
0%
2015
2016
2017
2018
MIDDLE MARKET (MM)¹
LARGE CORPORATES¹
MM YIELD PREMIUM¹
2019
2020
2021
2022
YTD 2023
As of September 30, 2023. ¹ Source: Refinitiv. The graph shown above represents first lien term loan yields comparing "Middle Market (MM)" issuers versus "Large
Corporates". The term "Middle Market" is defined as issuers with revenues of US$500M and below and a total loan package of US$500M or lower. Includes first lien
term loans (direct lenders only). The term “Large Corporates” is defined as syndicated or direct/clubbed deals that have either revenues or total loan package
US$500M or greater. The MM yield premium represents the difference between the term loan yields on MM versus large corporates. Past performance does not
guarantee future results. Please refer to the glossary of terms in the appendix on slide 29 for additional definitions.
BainCapital
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