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Leveraged Loan Insight & Analysis - 10/20/2025

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 flow, with 73% of direct lenders in LPC’s recent Middle Market Outlook Survey saying they were not able to…

Middle Market & Private Credit – 10/20/2025

U.S. Private Credit: Sizing Up Defaults Click here to download report. This report examines private credit defaulters by EBITDA size, compares default rates across the two component Model-based Credit Opinion (MCO) and Privately Monitored Ratings (PMR) portfolios, and details default reasons…. Subscribe to Read MoreAlready a member? Log in here...

Covenant Trends - 10/20/2025

Percentage of Loans with Asset Sale Sweep Step-downs (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com

The Pulse of Private Equity – 10/20/2025

Carveout/divestiture count as a share of all PE middle-market buyout count by quarter Download PitchBook’s Report here. Carveouts remained a consistent feature of middle-market deal activity in Q2 2025. They accounted for 11.1% of deal value during the quarter, up from 10.9% in Q1 and broadly in line with the five-year annual average of 11.4%…. Subscribe

PDI Picks – 10/20/2025

The rise of retail Private credit is still having much success raising capital from institutions, but it doesn’t stop the retail investor from taking the spotlight. On the face of it, private credit fundraising from institutions is going strong. Our latest data shows such fundraising hit a record high for the first nine months of…

Bloomberg: Leveraged Lending Insights – 10/20/2025

Leveraged Loan Launches Slow in October Click here to access Bloomberg’s US Leveraged Finance Chartbook At just $36.3b launched into the US institutional leveraged loan market this October through the 21st, it is shaping up to be the slowest month of primary market activity since May. This week has shown some improvement, with 10 deals…

Chart of the Week: Auto Correct

The value of First Brand loans was close to par – until it wasn’t.  Source: Bloomberg, S&P Capital IQ, iCapital Investment Strategy