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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 syndicated sponsored loan volume tops US$483.8bn YTD, driven primarily by refinancing activity
US sponsored lending reached US$483.8bn year-to-date through May of 2026, marking an increase of 29% compared to the same period…
Leveraged issuance expands for second consecutive month despite slower M&A pipeline
US LevFin issuance reached nearly US$150bn in May. While business expanded roughly 20% on the month and continued to improve…
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…
BDC share price to net asset value remains under pressure
BDC valuations remain under pressure, driven by negative headlines around private credit and fears around the potetial impact of AI…
Technology loans move higher but continue to trade at a discount to the broader secondary market
Technology loans continue to trade at a discount to the broader secondary market, as investors have reassessed their exposure to…
US CLO issuance totaled US$6.2bn in April, the lowest since December 2023
New-issue US CLO volume amounted to US$6.2bn in April via 14 deals, down from US$18.1bn raised from 38 deals during…
Refinancings drove record 1Q26 US ABL volume, excluding the 1Q23 LIBOR/SOFR surge
US syndicated ABL activity rose sharply in 1Q26, with total issuance reaching US$29.9bn, up 31% year-over-year and marking the strongest…
1Q26 US Sponsored direct lending volume down across financing purposes
Direct lenders raised less than US$77bn to back sponsor activity in 1Q26, a 30% decline compared to 4Q25 results.
Unitranche deal flow falls sharply in 1Q26
Amid fears around the potential impact of AI disintermediation on software and other sectors plus a challenging geopolitical backdrop, unitranche…
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…
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…
BDC AUM climbed to a new high of US$568bn in 4Q25
The year-end 2025 BDC filing season is nearing an end, with most of the largest BDCs having published their results.
US primary market loan yields increase to their highest level since April 2025
The average primary market yield, assuming a three-year term to repayment on first-lien institutional term loan Bs, has widened to…
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 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…
Software loans continue to come under pressure as investors reasses exposure to the sector
Fears that AI could disrupt software companies have prompted a broad sell-off in that sector this year and the downward…