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Middle Market & Private Credit – 12/15/2025

North American Leveraged Finance Outlook 2026 Click here to download report. Fitch Ratings’ 2026 sector outlook for North American Leveraged Finance is neutral, reflecting broadly steady credit conditions across liquid markets and private debt. Most sectors carry neutral outlooks. Aerospace & Defense is the sole corporate sector with an improving outlook, while a handful are…

Bloomberg: Leveraged Lending Insights – 12/15/2025

Sponsors Tap Leveraged Loan Market for Dividend Payouts at Record Pace With just two weeks before the start of the new year, dividend issuance has reached an all-time high in the US leveraged loan market. At $32.9b year-to-date, new money issuance supporting dividends surpassed 2021’s $28.9b figure for the most on record since Bloomberg began…

Debtwire Middle-Market – 12/15/2025

Primary market cools down, dividend recaps on the rise – DebtDynamics NorthAm Institutional leveraged loan issuance dropped to USD 55bn in October, down 42% from USD 96bn in September. This decline followed a period of strong activity in the third quarter that marked a rebound from a subdued 2Q25 caused by US tariff announcements in April….

Covenant Trends - 12/15/2025

Percentage of Loans with MFN Carveouts (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com