Bloomberg: Leveraged Lending Insights – 3/30/2026
The Bloomberg US Leveraged Loan Index (LOAN) posted a 0.48% gain in March, snapping a slide that began in January. The modest rebound lifted the year‑to‑date performance to a still‑negative ‑0.56%. The March uptick reflects improving credit market sentiment after early‑year stress. Analysts view the move as a tentative sign of stability in the leveraged loan sector.
Middle Market & Private Credit – 3/30/2026
Fitch Ratings notes a modest improvement in private‑credit transparency across North America, driven by tighter regulatory disclosure mandates, the proliferation of SEC‑registered credit vehicles, and voluntary issuer reporting. Despite these gains, the sector remains largely opaque, especially concerning how private‑credit...
Leveraged Loan Insight & Analysis – 3/30/2026
The US broadly syndicated loan market issued about $779 billion in the first quarter of 2026, marking a 6% decline year‑over‑year and a 10% drop from the previous quarter. New‑issue loans accounted for roughly 32% of total activity, amounting to $251 billion,...
Debtwire Middle-Market – 3/30/2026
The VanEck BDC Income ETF (BIZD) posted a dividend yield of 13.4% on March 30, up 157 basis points from the end of 2025. This rise reflects a broad repricing of business development companies, many now trading below net asset value as...
KBRA Direct Lending Deals: News & Analysis – 3/30/2026
KBRA published its latest Direct Lending Default Indices covering the trailing twelve months through March 31, 2026, accompanied by a performance chart. The indices track default and recovery rates across private credit deals, showing a modest uptick in defaults compared with the...
Covenant Trends – 3/30/2026
Covenant Trends released its March 30, 2026 update, spotlighting the latest share of loans that contain asset‑sale sweep step‑down provisions. The accompanying chart shows a modest but steady rise in the percentage of such loans over the past two years, signaling lenders...
The Pulse of Private Equity – 3/30/2026
Private equity exit activity in the United States has shifted toward fewer, larger deals. According to PitchBook data through December 2025, the number of exits exceeding $1 billion is 9.7 % below the pre‑pandemic average, even as total exit value stays near...
The OG of Private Credit: How We Got Here
Private credit, defined as tailored non‑bank loans, has grown from 1980s bank‑offloaded leveraged loans into a multi‑trillion‑dollar market. Specialized teams within banks and finance firms pioneered risk‑focused middle‑market lending, creating the foundation for today’s direct‑lending platforms. Recent coverage often paints...
Chart of the Week: Leverage Takeover
The latest LSEG LPC chart shows a decisive shift in middle‑market leveraged‑buyout financing. In 2014 banks supplied roughly 70 % of the capital, but by 2025 their share fell below 30 %, while direct lenders now fund over 60 % of deals. This...
Middle Market Deal Terms at a Glance – March 2026
The Lead Left published SPP Capital Partners’ March 2026 Middle Market Deal Terms snapshot, comparing deal components, leverage and pricing for micro, small and mid‑cap companies against March 2025. The data show modest tightening of leverage ratios and a compression of EBITDA...
Covenant Trends – 3/16/2026
Covenant Trends released its March 16 2026 data set highlighting the average EBITDA adjustment cap applied to synergies and cost‑saving initiatives in loan agreements. The chart shows the cap hovering around the low‑teens percentage range and climbing steadily year‑over‑year. The release includes...
Octus: Private Credit & Deal Origination Insights – 3/16/2026
In the third quarter of 2025, Octus reported that the average fair‑market‑value‑to‑par (FMV/Par) ratio on non‑accrual drawn loans rose for three of the five leading sectors—Communication Services, Consumer Discretionary and Industrials. The increase reflects deeper discounts on these loans, signaling...
KBRA Direct Lending Deals: News & Analysis – 3/16/2026
KBRA released its latest Direct Lending Deal (DLD) default indices covering the trailing twelve months through March 17, 2026. The new chart shows a modest uptick in default rates to 2.1% across the broader market, while senior secured deals remain...
The Pulse of Private Equity – 3/16/2026
U.S. private‑equity firms recorded a solid rebound in 2025, delivering the second straight year of exit growth. Exit value climbed to roughly $150 billion, positioning the year just behind the 2021 peak. Deal count surpassed 1,200 transactions, erasing the multi‑year slump...
Leveraged Loan Insight & Analysis – 3/16/2026
U.S. primary market leveraged loan yields rose to 8.09% in March, the highest level since April 2025. The increase reflects broader pricing pressure on first‑lien institutional term loan Bs with a three‑year repayment horizon. Single‑B rated credits led the yield...
Bloomberg: Leveraged Lending Insights – 3/16/2026
US leveraged loan issuance has stalled after a sharp February slowdown, with weekly launches falling from the $30 b levels seen in January to just $12.1 b through the week ending March 18. The dip reflects heightened market volatility that continues to deter...
PDI Picks – 3/16/2026
Limited partners (LPs) are staying upbeat on private debt despite recent negative headlines. A new Private Debt Investor feature highlighted that LPs are “shutting out the noise,” maintaining or expanding allocations. Chart data from 2018‑2026 shows a growing share of...
Why Private Equity Matters (Last of a Series)
Private equity, once the domain of pension funds, endowments and sovereign wealth vehicles, is now opening to retail investors through new fund structures. The rise of 40‑Act private funds—often organized as interval or tender‑offer vehicles—offers lower minimums, periodic liquidity and...
Chart of the Week: The IT Factor
In 2025 IT‑related mergers and acquisitions captured a larger slice of the overall deal market than in any prior year, according to Pitchbook data. The chart shows the IT share of total M&A value climbing to a new high, driven...
Covenant Trends – 3/9/2026
Covenant Trends released a new data set on March 9, 2026 detailing the distribution of Accordion F&C Tranche EBITDA Grower Caps over the last three months. The chart illustrates how caps are spread across borrowers, highlighting a concentration near the 1.5‑times EBITDA...
KBRA Direct Lending Deals: News & Analysis – 3/9/2026
KBRA released its latest Direct Lending Deals analysis on March 9, 2026, featuring updated default indices for the trailing‑twelve‑month period ending March 10, 2026. The report includes a performance chart that tracks default rates across the direct‑lending universe, highlighting modest upticks in recent quarters....
The Pulse of Private Equity – 3/9/2026
The Pulse of Private Equity (3 Sept 2026) highlights a pronounced shift in BSL‑funded leveraged buyouts as sponsors confront tighter debt capacity. A decade‑long chart shows debt‑to‑EBITDA ratios falling while equity contributions climb, compressing overall EV/EBITDA multiples. Sponsors are increasingly allocating equity...
Leveraged Loan Insight & Analysis – 3/9/2026
US leveraged finance issuance exceeded $160 bn in February 2026, but slipped 11 % from January. Bank loans rebounded to $50 bn after a slower month, while high‑yield bond issuance held steady at $30 bn. Institutional loans, the bulk of the market, fell sharply...
Bloomberg: Leveraged Lending Insights – 3/9/2026
The Bloomberg US Leveraged Loan Index (LOAN) recorded a -0.86% return in February, marking the first consecutive monthly decline since April 2025. Secondary‑market prices slipped to 94.89 on February 27, a 204‑basis‑point drop from the year‑end level of 96.93. The...
Why Private Equity Matters (Part Nine)
Private equity firms are increasingly emphasizing strategic selection over opportunistic buying, dedicating extensive time to identify the right business, market, or operating model before committing capital. This disciplined approach reflects a long‑term view of which industries and company types offer...
Chart of the Week: Leading the Way
The chart released by TheLeadLeft shows private‑equity fundraising trends from 2016 to 2025 across North America, Europe, Asia‑Pacific and the rest of the world. In 2025 the United States emerged as a relative bright spot, posting higher fundraising totals while...
Leveraged Loan Insight & Analysis – 3/2/2026
U.S. sponsored loan issuance reached $148.7 bn YTD through February 2026, a 26% decline compared with the same period last year. Refinancing activity accounted for $82.3 bn, or 55% of total volume, while new money contributed $66.4 bn (45%). The slowdown reflects tighter...
KBRA Direct Lending Deals: News & Analysis – 3/2/2026
KBRA released its latest Direct Lending Default Index data covering the trailing twelve months through March 3, 2026. The chart shows a 12% increase in defaults compared with the prior year, reflecting heightened stress in the private credit market. The index, which...
Covenant Trends – 3/2/2026
On March 2, 2026, The Lead Left published its latest Covenant Trends report, highlighting the “Accordion Inside Maturity” covenant pattern. The release includes a detailed chart and a downloadable Excel file (66.8 KB) containing the underlying data. The dataset is intended...
The Pulse of Private Equity – 3/2/2026
The latest PitchBook data shows median enterprise‑value‑to‑revenue (EV/revenue) multiples for North American and European private‑equity buyouts of $2.5 billion or more climbed to 5.5 times in 2025, up from 4.7 times in 2015. After hitting a trough in 2023, valuations rebounded to levels...
PDI Picks – 3/2/2026
The inaugural private‑markets performance quarterly report highlights how the COVID‑19 pandemic generated a rare dislocation that let investors acquire high‑quality assets at steep discounts. Those opportunistic purchases translated into robust internal‑rate‑of‑return (IRR) outcomes across the 2019‑2024 interval. The report’s rolling...
Chart of the Week: Clearing the Backlog
The latest Dealogic and Bain & Company chart shows a noticeable uptick in corporate exit activity across the United States and Europe during 2025. This rise signals that the backlog of stalled mergers and acquisitions is finally being cleared. Higher...
Why Private Equity Matters (Part Eight)
The article argues that private‑equity investors should concentrate on the United States rather than diversify internationally. It highlights the US market’s unmatched depth, efficiency, and transparency, noting that U.S. buyouts account for over half of global deal activity. The piece...
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...
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...
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...
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...
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...
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%...
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...
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...
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...
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...
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...
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...
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%...
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...
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...
