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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 
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…
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…
Auto Correct
The value of First Brand loans was close to par – until it wasn’t. Source: Bloomberg, S&P Capital IQ, iCapital Investment…
US Leveraged Loans Return 4.38% Through September
Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned…
PE-backed company inventory by age of investment
Download PitchBook’s Report here. Smaller companies, less reliant on global exposure, remain attractive to strategic buyers seeking bolt-ons and niche capabilities.
MENA Wealth
Of the top ten largest sovereign wealth funds in the world, four are Middle Eastern. Source: Bloomberg
Letter From Kuwait
When we visited friends and clients in Kuwait last November, we noted increased sophistication of institutional and sovereign wealth investors…
Average Total Deleveraging Required To Meet RP Ratio Test
(Past performance is no guarantee of future results.)
Systemic Shock Could Expose Private Credit’s Broad Reach
Click here to download report. A shock to the financial system that impacts the private credit sector could reveal the…
3Q25 US direct lending loan volume up 10.5% Q-o-Q amid flush of new money activity
US lenders placed a combined total of nearly US$87bn of direct lending loan volume in 3Q25 for large corporate and…
Multi-regional funds and secondaries on the rise
Two trends have emerged from our latest fundraising data to the end of Q3. The US is no longer the…
Average EBITDA Adjustment Cap for Synergies & Cost Savings
(Past performance is no guarantee of future results.)
US Leveraged Loans See Busiest Third Quarter on Record
Click here to access Bloomberg’s US Leveraged Finance Chartbook September’s US leveraged loan activity totaled 101 deals for $93.2b, representing…
U.S. Private Credit: Sizing Up Defaults
Click here to download report. Issuers generating less than $25 million EBITDA defaulted at more than twice the rate of…
Share of BSL-financed LBO count by equity contribution
Download PitchBook’s Report here. Since rate hikes began in 2022, buyouts under $1 billion have virtually disappeared from the BSL market.
First Brands and Private Credit
We were in the 4th grade when a food fight erupted in the cafeteria at the table next to us. The…