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Business of Private Credit: Claude Says
Even chatbots know AI won’t have a one-size-fits-all impact on the middle market. Yet for the last year or so, the market has treated AI disruption as a storm cloud hanging over every private credit portfolio.
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July 14, 2026 
Direct lending holds firm as sponsor-backed LBOs dominate 1Q26
Despite negative headlines around private credit at the start of 2026, including panic redemption requests from retail investors, direct lending…
Middle market debt held by BDCs vs High yield vs Treasury yields
The blue line represents the current dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 12.18% as…
Strong Primary Issuance Masks Fragile Loan Sentiment
Stronger primary issuance and rising bids mask fragility in leveraged loan market sentiment – DebtDynamics NorthAm Secondary loan prices rallied…
Tech loan issuance slows as credit markets turn selective
Technology issuance in the institutional leveraged loan market fell to just USD 550m in April, marking the sector’s lowest monthly…
Jumbo LBO deals steal spotlight in March amid macroeconomic uncertainty
Leveraged buyout (LBO) activity reached USD 17.9bn in March, the highest monthly total since USD 22.8bn in September 2021. The…
AI shockwaves expose concentration risk in tech‑led direct lending
Technology companies have consistently accounted for more than one-third of direct lending issuance over the past three years. In 2025…
Direct lending ends 4Q25 with its strongest quarter in three years
Direct lending volumes surged 24% quarter-on-quarter (QoQ) to USD 119.5bn in 4Q25, compared with USD 96.2bn in 3Q25. The volume…
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,…
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…
Soaring sponsor-backed M&A activity sets stage for resurgent debt market in early 2026
Sponsor-backed M&A transactions totaled USD 165bn in December 2025, the second-highest monthly volume in the past decade, just trailing USD…
LBOs and refinancing drive direct lending rebound in 3Q25
Direct lending volumes saw a substantial rise in 3Q25, climbing 26% quarter-on-quarter (QoQ) to USD 89.5bn from USD 71bn in…
Primary market cools down, dividend recaps on the rise
Institutional leveraged loan issuance dropped to USD 55bn in October, down 42% from USD 96bn in September. This decline followed a…
High-yield bond market roars in September with all-time high volumes
High-yield (HY) bond issuance in September rose to the highest volume on record, according to Debtwire data. The USD 55bn issued…
Direct lending stability and resilience shine in times of leveraged loan market collapse
Direct lending showed notable resilience in 2Q25, while loan market volumes collapsed amid heightened volatility and a broader economic slowdown…
Direct lenders leverage PIK loans for competitive gain
While payment-in-kind (PIK) loans are uncommon in the broadly syndicated loan market, where cash interest payments are standard, direct lenders…
Sponsor-driven demand led private credit volumes through early 2025
In 1Q25, direct loans reached a total deal volume of USD 66bn, lower than the USD 363bn recorded in the…