KBRA Direct Lending Deals: News & Analysis – 11/17/2025
KBRA DLD Default Indices(TTM 11/18/25) (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
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Debtwire Middle-Market – 11/17/2025
High-yield bond market roars in September with all-time high volumes – DebtDynamics NorthAm High-yield (HY) bond issuance in September rose to the highest volume on record, according to Debtwire data. The USD 55bn issued more than doubled August’s USD 26.7bn total and was 39% more than September 2024. The last time HY bond volumes were close to…
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Covenant Trends – 11/17/2025
Percentage of First Lien Loans with Affected Lender Voting Protection (Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Middle Market & Private Credit – 11/17/2025
U.S. Private Credit Exposure Rising in Sectors with Stretched Valuations Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar Direct lenders’ preference for non-cyclical, stable recurring cash flows has increased their exposure to corporate sectors with higher EV/EBITDA multiples, which could exacerbate credit risks in a…
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The Pulse of Private Equity – 11/17/2025
Private debt nowcast versus reported return Download PitchBook’s Report here. The Private Debt Barometer remains stable and near neutral with a score of 54, producing a nowcast of 2.8% and a desmoothed nowcast of 2.9% for Q3 2025…. Subscribe to Read MoreAlready a member? Log in here...
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Leveraged Loan Insight & Analysis – 11/17/2025
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…. Subscribe to Read MoreAlready a member? Log in here...
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PDI Picks – 11/17/2025
North America consolidates fundraising dominance We reveal some of the preliminary findings from our PDI 200 ranking of private credit’s most successful fundraisers. Through the PDI 200, Private Debt Investor charts the biggest fundraisers in the industry over a rolling five-year period. As the private credit industry has grown, so too has this ranking, which…
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Chart of the Week: Lower for Longer
Direct lending defaults lead credit categories in low defaults, though headed higher. Source: KBRA DLD Default Research
Pet Smart
News reached us last week of an unfortunate Shillington, PA man wounded when his shotgun went off. Police believe his dog jumped on the bed where the man was cleaning the weapon, somehow triggering it. A neighborhood cat was also questioned but later released. We bring this to readers’ attention because of the recent media…
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The Pulse of Private Equity – 11/10/2025
PE nowcast versus reported return Download PitchBook’s Report here. The PE Barometer remains in neutral territory with a score of 57, producing a nowcast of 3.9% and a desmoothed nowcast of 4.8% for Q3 2025…. Subscribe to Read MoreAlready a member? Log in here...
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