News reached us last week of an unfortunate Shillington, PA man wounded when his shotgun went off. Police believe his dog jumped on the bed where the man was cleaning the weapon, somehow triggering it. A neighborhood cat was also questioned but later released.
We bring this to readers’ attention because of the recent media focus on loan misfires. Until now the relative absence of credit defaults and losses has kept speculation about “bubbles” and “train-wrecks” to a minimum. First Brands and TriColor changed that...
“You can’t regulate prudence.” – Howard Marks, co-founder, co-chairman, Oaktree Capital Management (CNBC).
Featuring Charts
Chart of the Week: Lower for Longer
Direct lending defaults lead credit categories in low defaults, though headed higher. Source: KBRA DLD Default Research
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Chart of the Week: Higher for Longer
Larger LBO financings in direct lending are sporting increasingly higher leverage. Source: KBRA DLD Research, 3-month rolling averages
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Chart of the Week: Gone Fishing
On November 5th, the 2025 government shutdown became the longest in US history. Source: The Daily Shot
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Chart of the Week: Equity and the Emirates
UAE’s shift from oil-centric to a broader industrial economy will propel PE investments. Source: imarc
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Chart of the Week: Auto Correct
The value of First Brand loans was close to par – until it wasn’t. Source: Bloomberg, S&P Capital IQ, iCapital Investment Strategy
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Chart of the Week: MENA Wealth
Of the top ten largest sovereign wealth funds in the world, four are Middle Eastern. Source: Bloomberg
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Features
Bloomberg: Leveraged Lending Insights – 11/17/2025
M&A Gains Momentum Amid October Slowdown in Leveraged Loan Market Click here to access Bloomberg’s US Leveraged Finance Chartbook… Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 11/17/2025
U.S. Private Credit Exposure Rising in Sectors with Stretched Valuations Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar Direct lenders’ preference for non-cyclical, stable recurring cash flows has increased their exposure to corporate sectors with higher EV/EBITDA multiples, which could exacerbate credit risks in a…
The Pulse of Private Equity – 11/17/2025
Private debt nowcast versus reported return Download PitchBook’s Report here. The Private Debt Barometer remains stable and near neutral with a score of 54, producing a nowcast of 2.8% and a desmoothed nowcast of 2.9% for Q3 2025…. Subscribe to Read MoreAlready a member? Log in here...
Leveraged Loan Insight & Analysis – 11/17/2025
US syndicated LBO loan volume has reached US$84bn YTD; Additional US$25bn in pipeline US BSL loan volume backing private equity sponsored activity totaled US$969bn so far this year…. Subscribe to Read MoreAlready a member? Log in here...
PDI Picks – 11/17/2025
North America consolidates fundraising dominance We reveal some of the preliminary findings from our PDI 200 ranking of private credit’s most successful fundraisers. Through the PDI 200, Private Debt Investor charts the biggest fundraisers in the industry over a rolling five-year period. As the private credit industry has grown, so too has this ranking, which…
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Beginning in July 2022 The Lead Left published a series of articles on credit market. This report consolidates those articles.
Cov-lite trends Inflation & rising interest rates – LIBOR to SOFR transition Mega-tranche uni trend ESG takes center stage Login to view interactive report and download PDF version. … Subscribe to Read MoreAlready a member? Log in here Related posts: 2H 2021 Midyear Outlook Report State of the Capital Markets – Fourth Quarter 2016 Review and
Beginning in September 2021 The Lead Left published a series of articles on supply chain. This report consolidates those articles.
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