Featuring Charts
Chart of the Week: Exit Ramp
The number of PE exits slumped 1Q after last year’s steady improvement. Source: Preqin Pro
Read MoreChart of the Week: Slowing the Slowdown
Notwithstanding tariffs, economists now view the chances of a recession fading. Source: WSJ Surveys of Economists
Read MoreChart of the Week: Wealth Effects
The share of wealth assets dedicated to private credit is on the rise. Source: FT, Oliver Wyman
Read MoreChart 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
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Features
Leveraged Loan Insight & Analysis – 7/21/2025

Unitranche spreads hover around recent market lows The most recent quarter was marked by intense competition among direct lenders and lower than hope for deal flow. In turn, spreads continued to hover around recent lows despite sporadic wider market volatility…. Subscribe to Read MoreAlready a member? Log in here...
Bloomberg: Leveraged Lending Insights – 7/21/2025

Second-Busiest Day of Leveraged Loan Launches Brings Wave of Repricings Click here to access Bloomberg’s US Leveraged Finance Chartbook Following the most active single day of 2025 and the second busiest on record, the US leveraged loan market saw $61.7b in transactions launched to investors on Monday, July 21. By Wednesday, the weekly total had…
Middle Market & Private Credit – 7/21/2025

Private Credit, Public Debate Fitch Ratings has completed a peer review of 12 U.S. business development companies (BDCs). Fitch has affirmed the Long-Term Issuer Default Ratings (IDRs) on 10 issuers and completed two Review – No Actions. The Rating Outlooks for Oaktree Specialty Lending Corp. and Blackrock TCP Capital Corp. remain Negative, while all other…
The Pulse of Private Equity – 7/21/2025

Carveouts/divestitures as a share of all PE buyouts by quarter Download PitchBook’s Report here. Carve-out transactions are running at 10.6% of all buyout deals in 2025, which is comfortably above the five-year average of 8.7% and last year’s 10.1%…. Subscribe to Read MoreAlready a member? Log in here...
Middle Market & Private Credit – 7/14/2025

Private Credit, Public Debate Richard Hunter, Chief Risk Officer at Fitch Ratings, recently published an op-ed sharing his insights on private credit. He addressed frequent questions we receive, including: Does Private Mean Opaque?… Subscribe to Read MoreAlready a member? Log in here...
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.