Recent Posts
News•Feb 26, 2026
Bloomberg: Leveraged Lending Insights – 2/23/2026
US institutional leveraged loan issuance slowed sharply in February 2026, with only $22.85 billion priced to date and $9.54 billion expected by month‑end, far below January’s $164.1 billion. The month‑over‑month drop reflects heightened market uncertainty and tighter credit conditions. Analysts attribute the slowdown to rising interest rates and investor risk aversion. The reduced pipeline signals potential stress for borrowers relying on leveraged financing.
By The Lead Left
News•Feb 25, 2026
Chart of the Week: Growth Is King
A recent chart from McKinsey’s Global Private Markets Report shows that private‑equity fund performance is now driven primarily by portfolio‑company revenue growth rather than financial engineering. The data indicate that growth‑focused strategies generate the bulk of returns across vintages, eclipsing...
By The Lead Left
News•Feb 25, 2026
Why Private Equity Matters (Part Seven)
Private equity’s image as a ruthless raider is outdated; today firms focus on partnership and growth. They acquire companies through negotiated deals, often allowing sellers to retain equity, aligning incentives. While cost efficiencies remain a tool, sustainable value stems from...
By The Lead Left
News•Feb 25, 2026
Debtwire Middle-Market – 2/23/2026
Sponsor‑backed merger and acquisition activity surged to $165 billion in December 2025, marking the second‑largest monthly volume in the past decade, just shy of the $168 billion peak recorded in April 2021. Data from Mergermarket shows that leveraged buyouts and other sponsor‑driven deals now...
By The Lead Left
News•Feb 25, 2026
Covenant Trends – 2/23/2026
Covenant Review released its latest quarterly snapshot of new‑issue institutional loans that include a pick‑your‑poison covenant provision. The accompanying chart tracks the share of such loans by quarter, showing a clear upward trajectory over the past two years. The data...
By The Lead Left
News•Feb 25, 2026
Octus: Private Credit & Deal Origination Insights – 2/23/2026
The 2026 outlook for Americas private credit is dominated by the mass maturity of loans originated in 2021, pushing the asset class into the mainstream. Refinancing activity surged in 2025, with a 29% jump in deals that now represent 28%...
By The Lead Left
News•Feb 25, 2026
KBRA Direct Lending Deals: News & Analysis – 2/23/2026
KBRA released its latest TTM Direct Lending Default Index on February 23, 2026, showing a year‑to‑date default rate of 2.8%, up from 2.4% in the prior quarter. The index recorded 150 cumulative defaults across the direct‑lending universe, while the weighted average spread...
By The Lead Left
News•Feb 25, 2026
The Pulse of Private Equity – 2/23/2026
Private equity activity in healthcare surged in 2025, driven primarily by the devices and supplies segment. Deal value in this sub‑sector jumped more than 270 % year‑over‑year, the strongest growth among all healthcare categories. The breakout transaction was Hologic’s $18.3 billion leveraged...
By The Lead Left
News•Feb 19, 2026
Bloomberg: Leveraged Lending Insights – 2/16/2026
The US leveraged loan market opened 2026 with extraordinary vigor, posting $168.2 billion in new issuances during January—the strongest monthly total in over a decade. By mid‑February, activity slowed dramatically, with only $25.9 billion of new deals launched through February 18, the lowest...
By The Lead Left
News•Feb 19, 2026
The Pulse of Private Equity – 2/16/2026
Technology private equity deal activity surged in 2026, with total deal value climbing 67.4% year‑over‑year while the number of transactions rose a modest 13.4%. The gap between value and count indicates that firms are executing larger, mega‑cap deals rather than...
By The Lead Left
News•Feb 18, 2026
KBRA Direct Lending Deals: News & Analysis – 2/16/2026
Kroll Bond Rating Agency (KBRA) released its latest direct‑lending default indices covering the trailing‑twelve‑month period ending February 17, 2026. The indices aggregate performance data from a broad universe of private credit transactions, including senior secured loans, unitranche facilities, and mezzanine tranches. By...
By The Lead Left
News•Feb 18, 2026
Middle Market Deal Terms at a Glance – February 2026
SPP Capital Partners released its February 2026 Middle Market Deal Terms snapshot, updating leverage, debt‑to‑EBITDA, and pricing metrics for senior bank cash‑flow, senior non‑bank unitranche, and junior capital across micro, small and mid‑cap segments. Compared with February 2025, leverage ratios have nudged...
By The Lead Left
News•Feb 18, 2026
Debtwire Middle-Market – 2/16/2026
The VanEck BDC Income ETF is yielding 12.3% as of 12 February, just below its five‑year high of 12.8% reached in April 2025. In contrast, the BofA Merrill Lynch US High Yield index has slipped to 6.6%, down from an 8.5%...
By The Lead Left
News•Feb 18, 2026
Octus: Private Credit & Deal Origination Insights – 2/16/2026
In the third quarter of 2025, Business Development Companies (BDCs) reported the highest non‑accrual rates among issuers in the Information Technology (23%) and Consumer Discretionary (22%) sectors. The data, released in Octus’s private‑credit briefing, shows a clear tilt toward software‑heavy...
By The Lead Left
News•Feb 18, 2026
Leveraged Loan Insight & Analysis – 2/16/2026
Business development companies (BDCs) have seen their share price to net asset value (NAV) ratios slip lower as investors anticipate reduced base rates and grapple with heightened software sector exposure. The average price‑to‑NAV now sits below 95%, reflecting a widening...
By The Lead Left