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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 
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,…
Different Strokes
Core and LMM portfolio overlap has remained relatively stable over the past decade. Source: Company filings and Raymond James research
US Leveraged Loans Post 0.48% Gain in March
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted a return of 0.48% in March, reversing a decline that began…
US Private Credit: Better Transparency, Higher Interconnectedness Risks
Transparency around private credit in North America is modestly increasing, according to Fitch Ratings.
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…
Over One-Third of IT Non-Accruals Were Marked at 25 or Below
Over One-third of the Information Technology Sectors’ Non-Accrual Loans Were Marked at 25 or Below as of Q3’25 Click here…
PE exit activity with exits of $1 billion or more
Exit count remains 9.7% below pre-pandemic averages, as exits have been centered around large transactions rather than numerous transactions.
Scrutiny of ‘liquid’ private credit grows
Investor redemptions have created some negative headlines around the asset class, with concern focused on fund structuring. Private credit’s evergreen…
Ken Kencel on two decades of resilience, relationships, and the road ahead
A conversation with Ken Kencel, President and CEO of Churchill Asset Management.
The OG of Private Credit: How We Got Here
According to iCapital, private credit refers to “tailored financing options – typically loans – that are directly made to strategically identified companies by non-bank lenders.
Leverage Takeover
Middle market buyout financings increasingly dominated by direct lenders. Source: LSEG LPC. Middle Market LBO volume.
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…
The OG of Private Credit: (Smaller) Size Matters
As we highlighted last week, the zero-rate period post-GFC allowed private equity firms to buy companies with higher leverage and sell them at higher multiples.