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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 
Lenders Offer Deeper Discounts to Clear Primary Market Transactions
Amid subdued deal flow and continued volatility in the secondary market, lenders have increasingly relied on deeper original issue discounts (OIDs) to successfully syndicate new leveraged loan transactions.
Five key takeaways from the secondaries market
The rise of the GP-led deal and suspicion over valuations are among the themes emerging from our latest study of…
LBO leverage multiples hold steady, show signs of normalization in 1Q26
Although leverage multiples on recent large cap LBOs have eased marginally, averaging 5.5x in 1Q26 versus 5.6x in 4Q25, debt…
PE-backed company inventory by deal year
As of Q4 2025, the US PE inventory has grown to over 13,143 companies.
Greater Transparency, Rising Interconnectedness Risks
In recent years, bank and insurance regulators have pushed for more private credit disclosure in response to emerging risks.
Amount of PIK Loans Elevated w/ Near Term Maturities
There appears to be very little correlation between loans priced below 90% of par and BDCs’ exposure to loans with…
High yield bond issuance surpasses institutional leveraged loan issuance in February
High-yield (HY) bond issuance surpassed institutional leveraged loan issuance in February. HY bond volume reached USD 29.7bn for the month,…
Different Strokes
Core and LMM portfolio overlap has remained relatively stable over the past decade. Source: Company filings and Raymond James research
US Leveraged Loans Post 0.48% Gain in March
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted a return of 0.48% in March, reversing a decline that began…
US Private Credit: Better Transparency, Higher Interconnectedness Risks
Transparency around private credit in North America is modestly increasing, according to Fitch Ratings.
1Q26 US broadly syndicated loan volume totaled US$779bn, down 6% YoY
The US broadly syndicated loan market closed the first quarter of 2026 with nearly US$779bn in issuance, down 10% from…
Over One-Third of IT Non-Accruals Were Marked at 25 or Below
Over One-third of the Information Technology Sectors’ Non-Accrual Loans Were Marked at 25 or Below as of Q3’25 Click here…
PE exit activity with exits of $1 billion or more
Exit count remains 9.7% below pre-pandemic averages, as exits have been centered around large transactions rather than numerous transactions.
The OG of Private Credit: (Smaller) Size Matters
As we highlighted last week, the zero-rate period post-GFC allowed private equity firms to buy companies with higher leverage and sell them at higher multiples.