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Business of Private Credit: Safety, Not Size
Even the best credit managers have loans that go bad. What separates them from everyone else is the history and experience they bring to working these problems out.
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August 5, 2026 
More than 70% of public BDCs now trade below 0.80x NAV
BDC valuations remain under pressure as investors have become more selective toward private credit this year. Concerns over AI-related risks…
Sponsored MM leverage falls to its lowest level since 1Q23
Total leverage on sponsored middle market transactions declined to 4.40x in 2Q26 from 4.51x in 1Q26, reaching its lowest level…
US LBO loan volume reached nearly US$90B in 1H26; direct lending held 43% share
US lenders completed a combined US$34bn of syndicated (US$16.94bn) and direct lending (US$$16.6bn) loan volume backing leveraged buyout activity ub…
Middle market loan issuance weakened in 2Q26 as sponsored activity slowed
US middle market loan issuance weakened in 2Q26 as sponsor-backed acquisition activity slowed amid muted LBO volumes and a smaller…
IG lending drives $255.3B of US M&A loan issuance during 1H26
US syndicated loan issuance backing M&A purposes reached US$255.3bn during 1H26, driven primarily by IG volume US syndicated loan issuance…
US syndicated loan volume hits $465B as investment-grade lending jumps 22%
At US$465bn, 2Q26 US syndicated loan volume buoyed by 22% jump in investment grade lending US lenders completed over US$936Bn…
US TLB pricing tightens on repricings and refinancings
Average US TLB pricing tightens amid flush of repricings and refinancings Amid a limited new money leveraged loans pipeline, refinancings…
BDC investments maturing by end of 2027 total over US$21bn, representing 8.5% of loan assets
The maturity profile of BDC loan investments does not point to a major deterioration in the near-term. Looking at the…
US syndicated sponsored loan volume tops US$483.8bn YTD, driven primarily by refinancing activity
US sponsored lending reached US$483.8bn year-to-date through May of 2026, marking an increase of 29% compared to the same period…
Leveraged issuance expands for second consecutive month despite slower M&A pipeline
US LevFin issuance reached nearly US$150bn in May. While business expanded roughly 20% on the month and continued to improve…
Institutional loan repricings return in May, with issuers wielding most of the negotiating power
With more than 40% of secondary loans trading above par despite a 96-handled average bid, the repricing trade has come…
BDC share price to net asset value remains under pressure
BDC valuations remain under pressure, driven by negative headlines around private credit and fears around the potetial impact of AI…
Technology loans move higher but continue to trade at a discount to the broader secondary market
Technology loans continue to trade at a discount to the broader secondary market, as investors have reassessed their exposure to…
US CLO issuance totaled US$6.2bn in April, the lowest since December 2023
New-issue US CLO volume amounted to US$6.2bn in April via 14 deals, down from US$18.1bn raised from 38 deals during…
Refinancings drove record 1Q26 US ABL volume, excluding the 1Q23 LIBOR/SOFR surge
US syndicated ABL activity rose sharply in 1Q26, with total issuance reaching US$29.9bn, up 31% year-over-year and marking the strongest…
1Q26 US Sponsored direct lending volume down across financing purposes
Direct lenders raised less than US$77bn to back sponsor activity in 1Q26, a 30% decline compared to 4Q25 results.