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The Lead: The Price of Admission
Next time you are in Barcelona, stop at the Dow Jones Bar. There, drink prices move all night, as you watch the ticker tape like a crowded trading floor. Great for a night out.
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October 13, 2026 
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Leveraged loans keep running up a tab. Senior direct lending already knows what it owes.
Information technology topped nonaccruals on a cost basis
Maturities of loans switching to at least partial PIK tends to be longer-dated than Octus’ other stress trackers: nonaccrual and fair value write-down reports.
US Broadly Syndicated Loan CLO Defaults in 3Q26 Driven by Distressed Debt Exchanges
Out of court restructurings drove nearly all default activity within Fitch-rated U.S. broadly syndicated loan (BSL) CLO portfolios in 3Q26, Fitch Ratings says.
Percentage of First-Lien Loans Clearing with Key Covenant Terms by Quarter
Spread (basis points) of PE-backed deals and LBOs in the direct lending market in 2026
In the US, buyout activity remained paltry, as deal count for direct lending LBO financings fell to its lowest level since Q3 2023 in the three months ended July 31, according to the latest US LCD Private Credit Monitor.
Middle market debt held by BDCs vs High yield vs Treasury yields
The blue line represents the dividend yield of the VanEck BDC Income ETF (BIZD), which rose 122bps over the month…
US middle market loan issuance weakened in 3Q26, despite a rebound in sponsored direct lending activity
Overall US middle market loan issuance weakened in 3Q26, although sponsored direct lending bucked the broader trend, rebounding from the…
Why illiquidity is a feature, not a bug, in private credit
A conversation with Brandon Grimm, Partner and Chief Investment Officer at Gilbert & Cook.
US leveraged loan launches reach five-month high in September
The US leveraged loan market recorded $93.6b of launches in September, marking the busiest month of primary market activity since…
Information technology topped nonaccruals on a cost basis
The information technology sector moved from second place in the first quarter to the top of the list in the second quarter
Leveraged loans join the AI infrastructure funding boom
Companies are increasingly tapping the leveraged loan market to finance AI-driven data center infrastructure projects. Although high-yield bonds have accounted…
Increased transparency a positive for U.S. private credit market
Fitch Ratings views increased scrutiny of private corporate credit as a natural step in the market’s development. Greater focus on private credit supports more reporting, increased transparency, and information flow in the market.
The Lead: The Price of Admission
Next time you are in Barcelona, stop at the Dow Jones Bar. There, drink prices move all night, as you watch the ticker tape like a crowded trading floor. Great for a night out.