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As a long-time observer and amateur practitioner of the game, we enjoy the season when tennis arrives at the hallowed grounds of Wimbledon. It also reminds us how capital markets, like the stately British stadium, evolve beyond decades of tradition into more sophisticated and timely versions.

There’s the stark contrast between players, accustomed to hard courts, clay or other artificial surfaces, working their craft on the green sward. Only 5% of professional tennis tournaments worldwide are held on grass, making it a living fossil. In 2001 Wimbledon changed to a 100% perennial rye variety for a firmer surface. This gave clay-courters more of a chance.

Nevertheless, no one is building new grass courts. In this way the world of tennis is like banking. Since the early 1970’s (when three of the four majors were in grass), banks have left their market share to direct lenders. About 5% of US leveraged loans are now held by banks...

“I think GPs are realizing that if there’s potential to give liquidity early to investors, it is something that is worth exploring. – Michael Schad, head of credit secondaries, Coller Capital (WSJ).

Featuring Charts

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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Chart of the Week: Secondary Effects

July 1, 2025

Since Liberation Day, leveraged loan trading prices have slowly moved higher. Source: Bloomberg US Leveraged Loan Index

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Chart of the Week: The Comeback Kid

June 26, 2025

Since the 2021 peak, global M&A activity has been on the rebound. Source: LSEG

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Chart of the Week: Midcaps Motor On

June 17, 2025

Through Covid and rate hikes, middle market loan issuance has tracked up. Source: LevFin Insights, a Fitch Solutions company

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Chart of the Week: Mission Unstoppable

June 11, 2025

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

June 3, 2025

Japan’s long-dated bond yields have moved up sharply so far in 2025.  Source: The Daily Shot

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Features

The Pulse of Private Equity – 7/7/2025

PE capital raised ($B) by age bucket (2010-2025) Download PitchBook’s Report here. Looking at the funds that face the most imminent fund terms, 11.8% of active funds are 10 to 11 years old, and 13.7% of active funds are 8 to 9 years old…. Subscribe to Read MoreAlready a member? Log in here...

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Leveraged Loan Insight & Analysis – 7/7/2025

As overall issuance slips in 2Q25, strategic M&A remains a bright spot for LevFin market Leveraged finance issuance topped US$343bn in 2Q25, down approximately 30% from 1Q25 and off nearly 40% versus 2Q24…. Subscribe to Read MoreAlready a member? Log in here...

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PDI Picks – 7/7/2025

2025 sees fundraising extremes Our data shows the brakes have been slammed by investors after a fast start to the year for those raising fresh capital. ‘Volatile’ is the word frequently being used to describe the economic and political backdrop to investing today. For private debt managers, that same volatility is being seen on the…

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Middle Market & Private Credit – 7/7/2025

Smaller, Non-Systemic U.S. Banks Most Concentrated to Non-Bank Lending Click here to download report. Executive Summary: Evolving regulation has shone the spotlight on liability-driven investment strategies, driven by the optimization of technical provisions…. Subscribe to Read MoreAlready a member? Log in here...

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Bloomberg: Leveraged Lending Insights – 6/30/2025

Leveraged loan prices continue to climb in secondary market The Bloomberg US Leveraged Loan Index (Ticker: LOAN) advanced 0.76% in June after a 1.53% gain in May, bringing its year-to-date return to 2.77%…. Subscribe to Read MoreAlready a member? Log in here...

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Special Report: The Great Unwind

September 28, 2022

Beginning in July 2022 The Lead Left published a series of articles on credit market. This report consolidates those articles.

2022 Capital Market Outlook Report

February 3, 2022

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