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: Slowing the Slowdown
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
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
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
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
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
Private credit AUM expected to continue steady growth, driven by direct lending. Source: Fitch Ratings, Preqin
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Bloomberg: Leveraged Lending Insights – 7/7/2025
US Leveraged Loan Issuance Tops $65bn in June June’s 75 deals for $66b was up $34.4b, or 109%, from the previous month’s $31.6b, but was down $83.6b or 56% from the same month a year ago. It brought the Q2 total to $107.4b across 128 deals for a 68% decline from the first quarter total…
The Pulse of Private Equity – 7/7/2025
PE capital raised ($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...
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...
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…
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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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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