US Life Insurer Investment Risk Rising from Private Letter Ratings Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar The rapid growth of private letter ratings (PLRs) raises risks for U.S. life insurers as it coincides with the industry’s move toward more complex, opaque investments untested…
Private capital dry powder ($B) Download PitchBook’s Report here. Enough capital was raised to more than compensate for the capital calls issued thus far in 2025 to cause dry powder to grow again from the year-end 2024 figure…. Subscribe to Read MoreAlready a member? Log in here...
The rise of secondaries Our Perspectives 2026 survey confirms that secondaries are growing in investor popularity. Secondaries have quickly moved from the periphery of private credit to the mainstream. Our Perspectives 2026 survey reveals the evidence of this sudden change…. Subscribe to Read MoreAlready a member? Log in here...
A conversation this week between business TV anchors included the following half-joking observation: “Credit managers are saying, ‘Our 2026 outlook is baked. We’re now focusing on 2027.’” While we admire the brio behind this assertion, our confidence with market predictions – including our own – is not great. What many expected to happen this year,…
A low probability just weeks ago, chances for a 25 bp cut now seem likely. Source: The Daily Shot
M&A Gains Momentum Amid October Slowdown in Leveraged Loan Market Click here to access Bloomberg’s US Leveraged Finance Chartbook… Subscribe to Read MoreAlready a member? Log in here...
KBRA DLD Default Indices(TTM 11/18/25) (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
High-yield bond market roars in September with all-time high volumes – DebtDynamics NorthAm High-yield (HY) bond issuance in September rose to the highest volume on record, according to Debtwire data. The USD 55bn issued more than doubled August’s USD 26.7bn total and was 39% more than September 2024. The last time HY bond volumes were close to…
Percentage of First Lien Loans with Affected Lender Voting Protection (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
U.S. Private Credit Exposure Rising in Sectors with Stretched Valuations Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar Direct lenders’ preference for non-cyclical, stable recurring cash flows has increased their exposure to corporate sectors with higher EV/EBITDA multiples, which could exacerbate credit risks in a…