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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
Supported by increase in high grade financings, 2Q25 US M&A loan volume up 64% y-o-y; LBO activity declines
Brushing aside tariff woes, inflation concerns and geopolitical fears, US lenders raised US$228.5bn of new loan assets in 2Q25, a…
Scrutiny of the bank/fund intersection
Lines of credit from banks to credit vehicles have grown at an exponential rate, warranting regulatory attention. As our most…
Secondary Effects
Since Liberation Day, leveraged loan trading prices have slowly moved higher. Source: Bloomberg US Leveraged Loan Index
Letter from Tokyo (Last of a Series)
Always attuned to market conditions on the ground, we heard from friends in Tokyo last week that, incredibly, grocery stores…
Leveraged loan prices continue to climb in secondary market
Average secondary market prices on US Leveraged loans reached 96.44 on June 25th, the highest level since March 17th according…
Middle Market Deal Terms at a Glance - June 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
The Comeback Kid
Since the 2021 peak, global M&A activity has been on the rebound. Source: LSEG
Private Credit – The Final Reckoning (Third of a Series)
We spoke recently to a C-suite executive of a global specialty chemicals company about how tariffs are affecting his business.…
Private Credit’s Growing Complexity Untested Through Market Cycles
Click here to download report. What are Key Trends to Watch for BDCs? Fitch’s 2025 sector outlook for BDCs remains…
PE Index quarterly returns
Download PitchBook’s Report here. Preliminary Q4 2024 returns suggest a quarter of weaker performance, potentially tilting the yearly returns for 2024 back into…
How do middle market lenders characterize the quality of 2Q25 loan supply?
According to preliminary results from LSEG LPC’s quarterly middle market lender outlook survey, a large majority (81%) of respondents say…
Percentage of Loans with MFN Carveouts
(Past performance is no guarantee of future results.)
Letter from Tokyo (Second of a Series)
Last week we came to Tokyo for meetings with our investors and friends in the region, as well as participating…
Leveraged Loan Launches Keep Pace as Global Tensions Mount
Click here to access Bloomberg’s US Leveraged Finance Chartbook Through June 17th, 59 deals for $47.8b have launched into the…
High-yield bonds find favor after market chaos – Debt Dynamics NorthAm
New money high-yield (HY) bond issuance showed signs of a revival in May, following a sluggish period of lower volumes…
Private Credit – The Final Reckoning (Last of a Series)
Markets happen when you’re making other plans. This was true again last week as confrontation with Iran, instead of caving…