Unitranche deal flow falls sharply in 1Q26 Amid fears around the potential impact of AI disintermediation on software and other sectors plus a challenging geopolitical backdrop, unitranche deal flow fell sharply in both the large corporate and middle market segments in 1Q26…. Subscribe to Read MoreAlready a member? Log in here...
LBO leverage multiples hold steady, show signs of normalization in 1Q26 Although leverage multiples on recent large cap LBOs have eased marginally, averaging 5.5x in 1Q26 versus 5.6x in 4Q25, debt composition has shown signs of normalization…. Subscribe to Read MoreAlready a member? Log in here...
1Q26 US broadly syndicated loan volume totaled US$779bn, down 6% YoY The US broadly syndicated loan market closed the first quarter of 2026 with nearly US$779bn in issuance, down 10% from the prior quarter and 6% from the same period last year, while new-issue loan volume accounted for just over 32% of total activity (US$251bn),…
BDC AUM climbed to a new high of US$568bn in 4Q25 The year-end 2025 BDC filing season is nearing an end, with most of the largest BDCs having published their results…. Subscribe to Read MoreAlready a member? Log in here...
US primary market loan yields increase to their highest level since April 2025 The average primary market yield, assuming a three-year term to repayment on first-lien institutional term loan Bs, has widened to 8.09% so far in March, driven by higher pricing across single-B rated credits…. Subscribe to Read MoreAlready a member? Log in here...
US LevFin issuance slips in February amid softer, more volatile market backdrop US LevFin issuance topped US$160bn in February, although business slipped 11% from January amid a noticeably weaker market backdrop. Bank loans came back following a somewhat slower month (US$50bn) and high-yield bonds matched January’s issuance (US$30bn), while institutional loans, which drive the majority…
US sponsored loan volume tops US$148.7bn YTD, driven primarily by refinancing activity At US$148.7bn, US sponsored lending was down 26% during the first two months of the year compared to the same period last year, with refinancings accounting for US$82.3bn in volume, while new money totaled US$66.4bn, or 55% and 45% of issuance, respectively…. Subscribe
Software loans continue to come under pressure as investors reasses exposure to the sector Fears that AI could disrupt software companies have prompted a broad sell-off in that sector this year and the downward trend continued in the last week…. Subscribe to Read MoreAlready a member? Log in here...
BDC share price to NAV moves lower amid expected lower base rates and software sector exposure BDC valuations have moved lower recently amid some concerns around credit quality, specifically in the software sector, in which many BDCs have sizeable stakes…. Subscribe to Read MoreAlready a member? Log in here...
Yield compression progresses in January, drags new-issue loan yields to their lowest in four years Although institutional loan issuance more than doubled from December to January, topping US$141bn, the majority of the business comprised best-efforts transactions executed in drive-by fashion…. Subscribe to Read MoreAlready a member? Log in here...