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Business of Private Credit: Safety, Not Size
Even the best credit managers have loans that go bad. What separates them from everyone else is the history and experience they bring to working these problems out.
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August 5, 2026 
Ex Uno, Plures
Unlike the US, private credit began as one entity and morphed into many states. Source: Apollo Outlook For Public and…
Lenders Offer Deeper Discounts to Clear Primary Market Transactions
Amid subdued deal flow and continued volatility in the secondary market, lenders have increasingly relied on deeper original issue discounts (OIDs) to successfully syndicate new leveraged loan transactions.
Five key takeaways from the secondaries market
The rise of the GP-led deal and suspicion over valuations are among the themes emerging from our latest study of…
LBO leverage multiples hold steady, show signs of normalization in 1Q26
Although leverage multiples on recent large cap LBOs have eased marginally, averaging 5.5x in 1Q26 versus 5.6x in 4Q25, debt…
PE-backed company inventory by deal year
As of Q4 2025, the US PE inventory has grown to over 13,143 companies.
Greater Transparency, Rising Interconnectedness Risks
In recent years, bank and insurance regulators have pushed for more private credit disclosure in response to emerging risks.
Amount of PIK Loans Elevated w/ Near Term Maturities
There appears to be very little correlation between loans priced below 90% of par and BDCs’ exposure to loans with…
High yield bond issuance surpasses institutional leveraged loan issuance in February
High-yield (HY) bond issuance surpassed institutional leveraged loan issuance in February. HY bond volume reached USD 29.7bn for the month,…
The OG of Private Credit: (Smaller) Size Matters
As we highlighted last week, the zero-rate period post-GFC allowed private equity firms to buy companies with higher leverage and sell them at higher multiples.
Different Strokes
Core and LMM portfolio overlap has remained relatively stable over the past decade. Source: Company filings and Raymond James research
US Leveraged Loans Post 0.48% Gain in March
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted a return of 0.48% in March, reversing a decline that began…
US Private Credit: Better Transparency, Higher Interconnectedness Risks
Transparency around private credit in North America is modestly increasing, according to Fitch Ratings.
1Q26 US broadly syndicated loan volume totaled US$779bn, down 6% YoY
The US broadly syndicated loan market closed the first quarter of 2026 with nearly US$779bn in issuance, down 10% from…
The OG of Private Credit: You Are What You Eat
In private credit, the character of your deal sourcing determines the destiny of your portfolio.