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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 
There’s a New Tariff in Town (Second of Two Parts)
One criticism of private credit goes something like this: “Sure, private credit has a pretty good track record. But that’s…
US Leveraged Loans Post Largest Monthly Return Since 2023
Click here to access Bloomberg’s US Leveraged Loan Index Report After a brief pause in its long-running rally, the Bloomberg…
Uncapped EBITDA Adjustments: Sponsored vs. Non-Sponsored (LTM)
(Past performance is no guarantee of future results.)
Share of private debt capital raised by type
Download PitchBook’s Report here. In Q1 2025, the distressed debt substrategy secured $21.4 billion in commitments, largely thanks to the $16 billion…
Private Credit’s Growing Complexity Untested Through Market Cycles
Click here to download report. Private credit (PC) markets remain resilient, despite recent challenges stemming from tariff-driven market volatility, slowing…
Daily Analytic: First-lien share of BDC portfolios continues to climb
The first-lien share of BDC portfolios continues to edge higher, climbing to 86.4% in 1Q25, up 4 percentage points from…
The growing importance of geopolitics
Given the high-profile and disturbing nature of tensions between certain countries, geopolitics weighs heavily on investors’ minds today. While the…
Rising Sun
Japan’s long-dated bond yields have moved up sharply so far in 2025. Source: The Daily Shot
There’s a New Tariff in Town (First of Two Parts)
This week we look at questions from clients and friends surrounding the issue of tariffs. Not surprisingly, as we’ve discovered…
Middle Market Deal Terms at a Glance - May 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
US Leveraged Loan Launches Pick Back Up in May
To Monitor Upcoming US Institutional Loan Issuance, run PREL <GO> from a Bloomberg Terminal Following a record drought between March…
US middle market private debt fundraising stands at US$21.3bn so far in 2Q
So far this quarter, LSEG LPC has tracked US$21.3bn of US middle market debt fundraising.
Single-B First-Lien Loan Spreads and Covenant Terms
(Past performance is no guarantee of future results.)
Credit Journal – Private Credit
Download Welcome to Fitch Ratings’ Credit Journal series – a subject-specific, curated compilation of our in-depth research and commentary.
Months to close for PE funds
Download PitchBook’s Report here. In 2022, GPs began taking longer to close PE funds as exit activity decreased and LPs became…
Letter from Tokyo (Last of a Series)
“Rice supplies in Japan still low, with prices almost doubled since a year ago.” – Headline, Asia News Network. Always…