Leveraged Commentary & Data

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Leveraged Commentary & Data (LCD) is a unit of Standard & Poor's, a division of The McGraw-Hill Companies, Inc. LCD is a provider of news, research and commentary to the global leveraged finance community.


LCD was founded in New York in 1996 as Portfolio Management Data LLC (PMD). The company was backed by Standard & Poor's alongside a group of investors led by Trust Company of the West.[citation needed]

Standard & Poor's acquired PMD in May 2000.[1] The unit was rebranded Leveraged Commentary & Data later that year.


LCD was originally conceived as a data provider to banks and other players in the U.S. leveraged loan market.[2] In 2000 it added news reporting and in 2003 started covering the high yield bond market as well. In 2004, it expanded its coverage from the U.S. markets to Europe, and began to provide coverage of Asia in 2005. Coverage of the distressed market was added in 2008.

The company also provides three market value-weighted indexes to the loan market:

  • the S&P/LSTA Leveraged Loan Index, a broad based index designed to capture the performance of the invested U.S. institutional market;
  • the S&P/LSTA U.S. Leveraged Loan 100 Index, designed to measure the performance of the liquid U.S. leveraged loan market;
  • and the S&P European Leveraged Loan Index, a broad based index designed to capture the performance of the invested European institutional market.


LCD's clients include most firms in the leveraged finance community, including securities firms, banks, asset management firms, hedge funds, private equity players, advisory firms, distressed investors and consultants.

See also[edit]

- Standard & Poor's
- Syndicated Loan
- Leveraged Buyout
- S&P Leveraged Loan Index


  1. ^ "S&P Acquires Portfolio Management Data (PMD)". PRNewswire. May 3, 2000. 
  2. ^ "S&P, PMD to Develop Syndicated Bank Ln Info Products". Business Wire. September 3, 1997. 

External links[edit]