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Private Credit Defaults 101: Back to School
As Labor Day approaches, the unofficial end of summer is upon us. But, before we get too sad, there is also the familiar back-to-school energy.
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September 2, 2026 
Usually good but seldom great
Download PitchBook’s Report here. PE mega-funds (of at least $5 billion) have tended to outperform smaller funds over the past 20…
And You Thought Cov-Lite Was a Problem
As our faithful readers know, the Lead Left is a keen observer of the heavens. So it’s with great interest…
As Libor declines, Libor floors begin to trickle back
As interest rates continue to decline, Libor floors are on investors’ minds once again. As of September 24, the 3-month…
Private Debt Intelligence - 9/23/2019
Private Debt Investors’ Preferences [wpdm_package id=’28496′] Based on the Preqin’s Investor Update report, private debt investors would have changed their…
Average Unadjusted Leverage for M&A-Driven Loan Deals
Contact: Steven Miller
A drop in fund closings portends more capital in fewer hands
Yet another data point is emerging to showcase how fewer managers are raising an outsized amount of the capital LPs…
Correlation Aberration
The historic relationship between Libor and midcap loan spreads has been inconsistent.
Loan Stats at a Glance - 9/23/2019
Contact: Marina Lukatsky marina.lukatsky@spglobal.com
Middle market update
Download PitchBook’s Report here. Middle market PE activity was strong through the first half of the year, according to PitchBook’s newly…
Minimum General Purpose Debt Capacity for M&A-Driven Loan Deals
Contact: Steven Miller
What causes the main risk to loan market sentiment for the remainder of the year?
Take-offs and Landings
Bastille Day is a French national holiday in July with fireworks and parades. This year it was also celebrated in…