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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 
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.
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…
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…
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…
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.
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…
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…
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…
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…
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…
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…
Latest crop of loan defaults underscores how steep losses can get when credit situations go wrong
Secondary trading in the largest and most recently defaulted institutional loans offers a glimpse of how steep losses can get…
Yield premium on direct lender arranged MM sponsored deals tightened in 4Q25
Yields for large corporate and middle market(MM) sponsored loans – whether executed via the broadly syndicated or direct lender loan…
US private credit lending continued on its upward trajectory in 4Q25, driven by a jump in new money financings
US direct lending sponsored volume climbed to US$109bn in 4Q25, an increase of 19% from the prior quarter. This uptick…
US Institutional loan issuance eases in '25 despite another buildout year for AcqFin
US institutional loan issuance reached approximately US$1trn in ’25, down about 20% on the year although still the second busiest…
2025 US M&A loan volume jumps 43% to mark 4-year high at US$482bn
US lenders completed over US$482bn in M&A loan volume in 2025, an increase of 43% compared to 2024 totals and…