TheLeadLeft

The Force Awakens – Churchill 2Q Private Equity Survey (Part Two)

In response to our Reflections on Wimbledon two weeks ago, a long-time Lead Left reader informed us that the famed tournament is expanding. While we had opined “no one is building new grass courts,” he learned that the All-England Club has purchased an adjacent 100-acre golf course. “Subject to zoning approvals,” he wrote, “plans include […]

Debtwire Middle-Market – 8/11/2025

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 have consistently used them to offer cash flow flexibility to borrowers…. Subscribe to Read MoreAlready a member? Log in here...

Covenant Trends - 8/11/2025

Percentage of Deals with 75+ bps MFN (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

Middle Market & Private Credit – 8/11/2025

U.S. Private Credit and Middle Market Performance Monitor: 2Q25 Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio, Rating Activity The issuer-weighted TTM default rate for PMRs rose to 9.5% in 2Q25 from 7.8% in 1Q25. Fitch recorded 28 unique defaults for the TTM period, up from 23 in 1Q25. This is the highest…

PDI Picks – 8/11/2025

Senior debt loses its dominance The first half of this year saw investor commitments more widely dispersed in the asset class. In last week’s column, we examined the first-half global private credit fundraising figures and found that the total raised was consistent with the five-year H1 average, even though consistency was not a word associated…

Risk On/Risk On (Part Two)

What’s the state of the US leveraged loan market, and what’s the outlook for the rest of the yeaWhat is coming through clearly in our conversations with credit professionals is that we are in a risk-on world. Somewhat delayed from earlier in the year, thanks to tariffs, but the strength and direction is unmistakable. This…