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Business of Private Credit: Coming Home
Much attention has been paid to the suitability of Matt Damon in the lead role as the wily Odysseus in this summer’s Christopher Nolan blockbuster.
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August 12, 2026 
Lack of new issues clouds CLO market
It’s been boom time in the leveraged loan market but now that market has eased off, what are the implications…
Structured Finance: Intersection with Private Markets
Fitch’s latest market research report breaks down key transaction types at the intersection of private markets and structured credit
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…
US software credit vulnerable to EBITDA stress; MM CLOs resilient
Technology software issuers in Fitch’s model-based credit opinion (MCO) portfolio were more vulnerable to credit deterioration under a severe earnings stress than issuers in the portfolio excluding the technology software sector.
US Software Credit Faces EBITDA Stress; MM CLOs Remain Resilient
U.S. technology software sector issuers in Fitch Ratings’ model-based, point-in-time credit opinion (MCO) portfolio are more vulnerable to credit deterioration under a severe earnings stress scenario compared with the portfolio excluding the technology software sector.
Software Deferrable Exposure Rising in U.S. Middle Market CLOs
Technology-software assets in deferrable asset exposure are increasing within U.S. middle market (MM) collateralized loan obligations (CLOs) under Fitch’s surveillance.
Life Insurer Investment Portfolios to Remain Broadly Stable in 2026
Life insurers’ investment portfolio mix should remain broadly stable, with solid credit quality and core fixed income dominant amid a continued tilt toward private credit and alternative investments, driven by opportunistic repositioning and regulatory reclassifications.
2026 Regulatory Reviews Mark Inflection for Securitisation SRT Market
The securitisation significant risk transfer (SRT) market is set to reach an inflection point in 2026 as a number of regulatory investigations conclude.
Premium Yields
Spreads for middle market CLOs are distributed higher than their BSL counterparts. Source: S&P Global Ratings
Collateralized Loan Observations
Since the Fed began its rate hike regime in March 2022, MM CLO activity has grown. Source: PitchBook
Letter from Tokyo (First of a Series)
We began our visit to Tokyo this week attending S&P’s Structured Finance Seminar 2025. Along with almost 200 Japanese bankers…
Letter from Tokyo (Second of a Series)
Last week we came to Tokyo for meetings with our investors and friends in the region, as well as participating…