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What’s the state of the US leveraged loan market, and what’s the outlook for the rest of the yeaWhat is coming through clearly in our conversations with credit professionals is that we are in a risk-on world. Somewhat delayed from earlier in the year, thanks to tariffs, but the strength and direction is unmistakable. This sentiment was amplified in our discussions about the US leveraged loan market in Octus Webinar: H1 2025: “How Private Credit and Banks Traversed the Tariff Storm to a Brighter Second Half.

And while confidence reigns across public and private markets, how managers operate in each channel in this environment is instructive. For example, primary deal terms in broadly syndicated loans are set by secondary prices, not the other way around. Syndicate desks look at where comparable loans are trading, then set new deal spreads accordingly...

“The private markets in their current form haven’t been tested, and they will be tested when there’s a recession.Emmanuel Roman, chief executive officer, Pimco (FT).

Featuring Charts

Chart of the Week: All-Weather Buyouts

August 12, 2025

While direct lending was subdued with rate liftoff, it’s recovered despite tariff noise.  Source:  DLD KBRA

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Chart of the Week: Loans Unleashed

August 6, 2025

July set record monthly leveraged loan volume; eight of top ten highest in last two years. Source: PitchBook, Bloomberg

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Chart of the Week: Behind the Curve

July 29, 2025

Private equity fundraising through early June is slowest pace in over a decade. Source: PitchBook

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Chart of the Week: Exit Ramp

July 22, 2025

The number of PE exits slumped 1Q after last year’s steady improvement.  Source: Preqin Pro

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Chart of the Week: Slowing the Slowdown

July 14, 2025

Notwithstanding tariffs, economists now view the chances of a recession fading. Source: WSJ Surveys of Economists

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Chart of the Week: Wealth Effects

July 9, 2025

The share of wealth assets dedicated to private credit is on the rise. Source: FT, Oliver Wyman

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Features

Middle Market & Private Credit – 8/11/2025

Credit Journal – Private Credit Click here to download. This edition of Fitch Ratings’ Credit Journal series explores the growing world of Private Credit,… Subscribe to Read MoreAlready a member? Log in here...

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The Pulse of Private Equity – 8/11/2025

Median PE company holding times (years) Download PitchBook’s Report here. The data for median hold times for PE-backed companies in the US continues its downtrend, though it remains above historical norms…. Subscribe to Read MoreAlready a member? Log in here...

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Leveraged Loan Insight & Analysis – 8/11/2025

LevFin books new issuance record in July thanks to loan repricings, while growing M&A business shouldn’t be overlooked US leveraged finance issuance topped US$236bn in July, eking a new all-time monthly high for the business…. Subscribe to Read MoreAlready a member? Log in here...

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PDI Picks – 8/11/2025

Senior debt loses its dominance The first half of this year saw investor commitments more widely dispersed in the asset class. In last week’s column, we examined the first-half global private credit fundraising figures and found that the total raised was consistent with the five-year H1 average, even though consistency was not a word associated…

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Bloomberg: Leveraged Lending Insights – 8/4/2025

August Leveraged Loan Launches, by Week The typical “August slowdown” for the leveraged-loan market has yet to materialize, according to data compiled by Bloomberg…. Subscribe to Read MoreAlready a member? Log in here...

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