AI shockwaves expose concentration risk in tech‑led direct lending Technology companies have consistently accounted for more than one-third of direct lending issuance over the past three years. In 2025 alone, the sector raised USD 127bn out of USD 370bn in total issuance. Healthcare ranked a distant second, accounting for just 13% of volume, or USD…
The blue line in the chart represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 13.6% as of 24 April (up 178bps YTD and 198bps YoY). The yield increase is a function of lower BDC equity prices relative to trailing dividend distributions, with a broad portion of the sector…
Direct lending ends 4Q25 with its strongest quarter in three years Direct lending volumes surged 24% quarter-on-quarter (QoQ) to USD 119.5bn in 4Q25, compared with USD 96.2bn in 3Q25. The volume in 4Q25 is also the highest quarterly total recorded for direct lending in the past three years, according to Debtwire data, beating 2Q24’s USD…
The blue line in the chart represents the current dividend yield of the *VanEck BDC Income ETF (BIZD), which stood at 13.8% as of 13 April (up 199bps YTD). The yield increase is a function of lower BDC equity prices relative to trailing distributions, with a broad portion of the sector trading below NAV. The…
High yield bond issuance surpasses institutional leveraged loan issuance in February High-yield (HY) bond issuance surpassed institutional leveraged loan issuance in February. HY bond volume reached USD 29.7bn for the month, edging out the USD 28.6bn of institutional leveraged loan issuance recorded over the same period, according to Debtwire data. … Subscribe to Read MoreAlready a
The blue line in the chart represents the current dividend yield of the *VanEck BDC Income ETF (BIZD), which rose to 13.4% by 30 March (up 157bps YTD vs. 11.79% on 31 December 2025), as BDCs repriced lower with many trading below NAV amid potential increase in default rates among portfolio companies due to AI…
Tech selloff makes waves in leveraged loan market The percentage of tech loans trading above par in the secondary loan market plummeted from a high of 47% on 14 January to just 13% on 30 January, according to Markit data compiled by Debtwire. While the rest of the market initially rebounded nearly 10% after the…
The blue line in the chart represents the current dividend yield of the *VanEck BDC Income ETF (BIZD), has reached a five-year high of 13.4% on 13 March. BIZD tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately held middle-market businesses that tend to be below investment grade or…
The blue line in the chart represents the current dividend yield of the *VanEck BDC Income ETF (BIZD), which reached a five-year high of 13.2% on 27 February 2026 and stands at about 13% as of 2 March 2026. BIZD tracks the overall performance of publicly traded business development companies (BDCs, are lenders to privately…
Soaring sponsor-backed M&A activity sets stage for resurgent debt market in early 2026 Sponsor-backed M&A transactions totaled USD 165bn in December 2025, the second-highest monthly volume in the past decade, just trailing USD 168bn in April 2021, according to Mergermarket data…. Subscribe to Read MoreAlready a member? Log in here...