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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 
US primary market loan yields tighten in December
The average primary market yield, assuming a 3-year term to repayment on first-lien institutional term loan Bs, decreased 26bp to…
Warner Bids Drive Record US BSL Bridge Loans
Dueling bridge loans backing Netflix Inc. and Paramount bids for Warner Bros Discovery largest on record for US BSL market…
The record setting continues as BDC AUM reaches US$534bn
Investors continue to allocate more capital to BDCs and in turn the upward growth trajectory shows no sign of slowing,…
US syndicated LBO loan volume has reached US$84bn YTD; Additional US$25bn in pipeline
US BSL loan volume backing private equity sponsored activity totaled US$969bn so far this year.
US repricings slow in early 3Q25 as new loan assets re-emerge
US leveraged lenders completed just under US$18bn of repriced institutional loan volume during the month of October, down from over…
US Institutional loan calendar north of US$43bn at end of October
At the end of last week, the forward calendar for institutional loan assets topped US$43bn, the highest level since July…
US middle market private debt fundraising increased 63% to US$56.2bn in 3Q25
LSEG LPC tracked US$56.2bn of US middle market debt fundraising in the third quarter, 63% above 2Q25’s US$34.4bn.
Unitranche spreads tighten for large corporate issuers in 3Q25, while middle market spreads were flat QoQ
The most recent quarter continued to be marked by robust competition among direct lenders amid lower than hoped for deal…
3Q25 US direct lending loan volume up 10.5% Q-o-Q amid flush of new money activity
US lenders placed a combined total of nearly US$87bn of direct lending loan volume in 3Q25 for large corporate and…
3Q25 LBO volume down over 34% year over year; Total sponsored volume up nearly 39%
US lenders committed almost US$20bn in LBO loan volume in 3Q25, up modestly compared to 2Q25 results (which came in…
US CLO issuance increases to US$53bn in 3Q, driven by strong MM/PD issuance
New-issue US CLO volume amounted to US$53bn in 3Q25 via 106 deals, up 2% from 2Q25’s US$52.1bn and 34% from…
Private credit and bank lenders struggle to meet middle market lending targets in 3Q25
The vast majority of middle market lenders have found sufficient opportunities hard to come by in the most recent quarter,…
US LevFin issuance slips to US$200bn despite historically active August
For US LevFin, we saw trends of previous months continue to play out in August: (1) Defense over offense, with…
Near-term BDC loan maturities remain limited
The loan maturity profile of BDCs, the most transparent part of the direct lending universe, is not pointing to any…
BDC AUM hits a new record, topping US$500bn
The upward growth trajectory of BDCs shows no sign of slowing, with assets under management (AUM) climbing to a record…
LevFin books new issuance record in July thanks to loan repricings, while growing M&A business shouldn't be overlooked
US leveraged finance issuance topped US$236bn in July, eking a new all-time monthly high for the business.