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Private Credit Defaults 101: Beyond the Noise
Like any good school year, this series went by fast. But as class comes to an end, there’s one theme that’s been top of mind here at The Lead: “noise.”
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October 6, 2026 
Open for Business
When public credit markets close, private credit absorbs the shock.
Q1'26 Yield Walk: Reported to Cash
The number of issuers with nonaccruals maturing through 2028 increased by 4% in Q1’26 BDCs reported annualized income yields of…
U.S. Private Credit and Middle Market Performance Monitor: 1Q26
Fitch’s Privately Monitored Ratings Portfolio – 1Q26 Fitch recorded 19 downgrades and three upgrades in 1Q26, continuing the trend of…
Specialist versus generalist PE capital raised ($B)
Fundraising consolidation is here to stay, and it will change the way managers go about raising new funds in the coming years.
Institutional loan repricings return in May, with issuers wielding most of the negotiating power
With more than 40% of secondary loans trading above par despite a 96-handled average bid, the repricing trade has come…
North America remains investor favourite
Despite talk of Europe becoming the new fundraising magnet, the data is not showing any significant change in LP appetite.…
Private Equity's Growing Role in European Lending
The Growing Footprint of Private Equity Activities in European Lending Sponsor-backed activity is reshaping European credit markets, with direct lending…
The OG of Private Credit: Conjuring a Crisis
According to Merriam-Webster, apophenia, or mistaken pattern recognition, is “the tendency to perceive a connection or meaningful pattern between unrelated or random things.”
Setting Expectations
Despite the headlines, direct lending makes up a much smaller share of household and business debt than mortgages did at the height of the GFC.
Retail Investors Return to Loan Funds Amid Shifting Rate Expectations
Retail investors have steadily returned to leveraged loan funds following two consecutive months of net redemptions. The Invesco Senior Loan…
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…
U.S. Private Credit and Middle Market Performance Monitor: 1Q26
Fitch’s Privately Monitored Ratings Portfolio – 1Q26 In the charts above, Fitch presents aggregate data for issuers in its PMR…
Continuation-fund-related exit count
For Q1 2026, we tracked 38 exits through continuation funds totaling $10.8 billion when including estimates for nondisclosed transactions.
The OG of Private Credit: The Steadi-Cam of Capital Markets
“We are late in the credit cycle.” What is often a throw-away line preceding some dire market prediction, should be questioned.