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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 
US LevFin issuance slips in February amid softer, more volatile market backdrop
US LevFin issuance topped US$160bn in February, although business slipped 11% from January amid a noticeably weaker market backdrop. Bank…
US Leveraged Loans Extend Declines in February
Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) posted…
The challenge of retail capital becomes evident
Private credit fund redemptions have put semi-liquid, evergreen funds firmly in the spotlight. The three “Bs” – Blackstone, BlackRock and…
Leading the Way
The US was a relative bright spot in global private equity fundraising in 2025. Source: Preqin, McKinsey analysis
Upcoming Maturities for BDC-Held Software Loans
Click here to access the analysis In the near term, private credit restructurings for software companies are likely to be…
US sponsored loan volume tops US$148.7bn YTD, driven primarily by refinancing activity
At US$148.7bn, US sponsored lending was down 26% during the first two months of the year compared to the same…
Accordion Inside Maturity
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
AI Disruption Puts Software Exposure in Focus
Sharp declines in major software company valuations amid rising investor concerns about AI-driven disruption have raised questions about lenders’ and asset managers’ sector exposure.
Median EV/Revenue Multiples on $2.5B+ PE Deals
Median enterprise value (EV)/revenue multiples on PE deals of $2.5 billion or more Download PitchBook’s Report here. PE buyout valuations were…
Strong performance in a dislocated world
The covid pandemic saw high-quality assets with temporary difficulties being snapped up at discounted valuations. In this, the final reflection…
US Institutional Loans See Pricing Widen Amid Broader Selloff
Click here to access Bloomberg’s US Leveraged Finance Chartbook Pricing conditions in the US institutional leveraged loan primary market widened…
Clearing the Backlog
US and European exits were on the rise in 2025. Source: Dealogic, Bain & Company
Why Private Equity Matters (Part Eight)
Diversification is an important topic and a strong consideration for any portfolio. It can come in many forms. In public…
Jake Miller on AI-fueled fintech transforming private markets
A conversation with Jake Miller, Co-Founder and Chief Solutions Officer of Opto Investments.
February Loan Issuance Slows Sharply Amid Market Uncertainty
Click here to access Bloomberg’s US Leveraged Finance Chartbook Through February 25, just $22.85b of US institutional leveraged loans have…
Why Private Equity Matters (Part Nine)
Private equity firms spend considerable time finding the right business, market, or operating model before making an investment. This is fundamental,…