Moviegoers know that Tom Cruise “does his own stunts.” We always assumed this mostly meant riding motorcycles fast. And even watching his Mission Impossible and Top Gun acrobatics over the years, we figured riskier sequences involved some kind of green screen technology. Until we saw practice runs for his motorcycle jump on the latest MI thriller.
This astounding daredevil performance (Cruise did six takes to get the perfect shot) was not even the highlight stunt of the film. Yet it shows how with repetition comes reputation. In the world of private credit, experienced managers have been executing tricky maneuvers for years, with a select few doing so before and through the GFC. Practicing the minutest details of sound underwriting and careful portfolio construction eventually pays off in premium track records...
“We are witnessing a significant shift in global markets as assets move from bank balance sheets to funds and investors.” – Robert Fauber, president and CEO, Moody’s.
Featuring Charts
Chart of the Week: Mission Unstoppable
Private credit AUM expected to continue steady growth, driven by direct lending. Source: Fitch Ratings, Preqin
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Chart of the Week: Rising Sun
Japan’s long-dated bond yields have moved up sharply so far in 2025. Source: The Daily Shot
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Chart of the Week: Premium Yields
Spreads for middle market CLOs are distributed higher than their BSL counterparts. Source: S&P Global Ratings
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Chart of the Week: Collateralized Loan Observations
Since the Fed began its rate hike regime in March 2022, MM CLO activity has grown. Source: PitchBook
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Chart of the Week: Poised for a Rebound?
Since the early 1800’s, tariff’s share of US government revenues has shrunk dramatically. Source: The Cato Institute
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Chart of the Week: What is a Tariff, Anyway?
Google searches for “tariff” hit a peak around Liberation Day but have trailed off since. Source: Google Trends
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Features
Middle Market & Private Credit – 6/9/2025
Private Credit’s Growing Complexity Untested Through Market Cycles Click here to download report. Do Banks Face Financial Stability Risks from Private Credit (PC) Exposure? The financial stability risks from banks’ direct exposure to PC are currently limited despite its rapid growth over the last several years. This is largely due to the typical structure of…
Bloomberg: Leveraged Lending Insights – 6/9/2025
US Leveraged Loan Issuance Picks Up in May, Accelerates in June Click here to access Bloomberg’s US Leveraged Finance Chartbook May’s 41 deals for $31.6b was up $21.4b, or 210% from April’s $10.2b, bringing year-to-date volume to $381b (down 31% from last year). In percentage terms, May’s rebound from April is the strongest since last…
Leveraged Loan Insight & Analysis – 6/9/2025
Loan funds post 4 consecutive weeks of inflows Following the bout of market volatility and accompanying large outflows posted in April, both loan funds and high yield bond funds have turned the corner and posted inflows in recent weeks as investor sentiment improved across asset classes…. Subscribe to Read MoreAlready a member? Log in here...
The Pulse of Private Equity – 6/9/2025
Share of buyout inventory by industry (top 15) Download PitchBook’s Report here. A clear concentration of buyout inventory resides in four sectors: software, commercial products and services, and healthcare services…. Subscribe to Read MoreAlready a member? Log in here...
PDI Picks – 6/9/2025
European unitranche market shows resilience The deal total for the first quarter was well ahead of last year’s equivalent, with the Benelux region particularly active. If you look back over the last 12 years (see chart), it’s clear that the European private debt market has been dominated by the UK, France and Germany, which have…
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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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