Featuring Charts
Chart of the Week: Secondary Effects
Since Liberation Day, leveraged loan trading prices have slowly moved higher. Source: Bloomberg US Leveraged Loan Index
Read MoreChart of the Week: The Comeback Kid
Since the 2021 peak, global M&A activity has been on the rebound. Source: LSEG
Read MoreChart of the Week: Midcaps Motor On
Through Covid and rate hikes, middle market loan issuance has tracked up. Source: LevFin Insights, a Fitch Solutions company
Read MoreChart of the Week: Mission Unstoppable
Private credit AUM expected to continue steady growth, driven by direct lending. Source: Fitch Ratings, Preqin
Read MoreChart of the Week: Rising Sun
Japan’s long-dated bond yields have moved up sharply so far in 2025. Source: The Daily Shot
Read MoreChart of the Week: Premium Yields
Spreads for middle market CLOs are distributed higher than their BSL counterparts. Source: S&P Global Ratings
Read MoreSubscribe Now!
Join the leading voice of the middle market. Try us free for 30 days.
Click here to view the Newsletter sample.
What is the Lead Left?
- One-stop source for deals and data
- Market trend commentary and analysis
- Exclusive interviews with thought leaders
View Article By
Features
Middle Market & Private Credit – 6/30/2025

Smaller, Non-Systemic U.S. Banks Most Concentrated to Non-Bank Lending Click here to learn more. A relatively small percentage of U.S. banks provide loans to non-bank financial institutions (NBFIs), according to analysis of new regulatory data for the entire banking industry by Fitch Ratings. Around 13% or 576 FDIC banks reported balances of either NBFI loans…
Leveraged Loan Insight & Analysis – 6/30/2025

Supported by increase in high grade financings, 2Q25 US M&A loan volume up 64% y-o-y; LBO activity declines Brushing aside tariff woes, inflation concerns and geopolitical fears, US lenders raised US$228.5bn of new loan assets in 2Q25, a 29% jump compared to the year ago period, to push 1H25 totals to nearly US$407bn (compared to…
PDI Picks – 6/30/2025

Scrutiny of the bank/fund intersection Lines of credit from banks to credit vehicles have grown at an exponential rate, warranting regulatory attention. As our most recent LP Perspectives study showed (see chart), the attitude of limited partners towards fund finance is – in more than half of cases – negative. But what do regulators make…
Bloomberg: Leveraged Lending Insights – 6/23/2025

Leveraged loan prices continue to climb in secondary market Average secondary market prices on US Leveraged loans reached 96.44 on June 25th, the highest level since March 17th according to the Bloomberg US Leveraged Loan Index. So far in June, the index has returned 0.51%, bringing the year-to-date figure to 2.47%…. Subscribe to Read MoreAlready
Middle Market & Private Credit – 6/23/2025

Private Credit’s Growing Complexity Untested Through Market Cycles Click here to download report. What are Key Trends to Watch for BDCs? Fitch’s 2025 sector outlook for BDCs remains ‘deteriorating’ as continued spread pressure and additional non-accruals will likely weaken earnings and dividend coverage for BDCs in 2025…. Subscribe to Read MoreAlready a member? Log in
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.