With last Thursday’s Fed rate cut, the benchmark is down 200 bps from its peak in 2023. That’s the simple story behind so-called “spread compression” in private credit. While overall yields are down, middle market direct lending spreads are pretty stable. What has shrunk are single-B spreads in the broadly syndicated loan (BSL) market. Those…
US Life Insurer Investment Risk Rising from Private Letter Ratings Click here to learn more. Join Fitch for the upcoming Outlook panel: 2026 Leveraged Finance Credit Outlook Webinar Signs of emerging bubbles have increased in 2025 amid robust investor risk appetite, high market valuations, a rush of capex in AI-related industries and continued growth in…
US Leveraged Loans Return 4.86% Through November The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.35% in November, bringing its year-to-date return to 4.86%. Average secondary market prices on US leveraged loans were 96.64 on November 28th after declining 11bps from the October 31st figure of 96.75…. Subscribe to Read MoreAlready a member? Log
KBRA DLD Default Indices(TTM 12/9/25) (Past performance is no guarantee of future results.) Contact: Eric Rosenthaleric.rosenthal@kbra.com
Launched Volume Source: LevFin Insights New-issue Yields Source: LevFin Insights Weekly Fund Flows Source: Lipper (Past performance is no guarantee of future results.) Contact: Robert Polenbergrobert.polenberg@levfininsights.com
Share of funds larger than predecessor: top 10% of funds by size Download PitchBook’s Report here. For this analysis, we broke apart the largest 10% of funds raised each year from the remaining 90%…. Subscribe to Read MoreAlready a member? Log in here...
Dueling bridge loans backing Netflix Inc. and Paramount bids for Warner Bros Discovery largest on record for US BSL market On the heels of Friday’s announcement that Netflix Inc. had won a bid to acquire Warner Bros Discovery’s TV and film studios as well as its streaming division forUS$83bn (including debt and equity)… Subscribe to
Defaults for the overall leveraged loan market are at lowest point since 2023. Source: The Daily Shot, PitchBook/LCD, Morningstar LSTA US Leveraged Loan Index
The surprise of 2025’s post-Liberation Day risk-on dynamic across markets has established a pattern we expect to continue well into next year. As we discussed last week, the implementation of rate cuts, the slowing of inflation and the persistence of economic growth has supported dealmakers and their financing partners. Nevertheless, attention is focused on transactions…
US Leveraged Loan Issuance Tapers Off in November November’s $53.6b of US institutional leveraged loan issuance was down $9.7b, or 15.3%, from the previous month’s $63.3b, marking a decline of 55% from the same month a year ago and the slowest month of issuance since May’s $33b…. Subscribe to Read MoreAlready a member? Log in