The US leveraged loan market has continued to slow from the May level of $104.7b, with approximately $76.5b priced in July, following $83.3b in June. This marks a significant improvement from earlier in the year, when in April, issuance totaled just $28.4b but falls well short of the July 2025 figure of $199.4b.
The largest deal to price this month was Proofpoint’s $4.3b Term Loan B amend-and-extend, which extends the facility’s maturity by two years to 2030. QTS also recently priced a $3.25b Term Loan B to refinance existing debt.
Latest news
Software, consumer-related direct lending deals fell in H1'26
The software and technology sector, the second-most-active sector in 2025 at 17% of total deal activity, slid to fifth place in the first half of 2026.
Unconquered Territory
With most of the map still unexplored, there’s room for a sequel.