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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 Leveraged Loan Pricings Remain Elevated in 2025
2025 was another busy year for the US institutional leveraged loan market, with 901 deals for $987.3b pricing over the…
Share of New-Issue First-Lien Loans with Key Covenant Terms
(Past performance is no guarantee of future results.) Contact: Steven Miller smiller@covenantreview.com
Private Credit Doubles
Direct lending and BDCs expected to lead the growth of private credit. Source: Fitch Ratings
Don Calcagni on building a fortress balance sheet for private wealth investors
A conversation with Don Calcagni, Chief Investment Officer of Mercer Advisors.
Capital flowing into private debt funds
Preliminary data shows capital raising enjoyed a reasonably prolific year in 2025, nudging ahead of the previous year’s total. Last…
Private Credit Outlook 2026
The global private credit market will continue to grow in scale and complexity in 2026, having become much more diversified and widely held over the past decade.
2025 US M&A loan volume jumps 43% to mark 4-year high at US$482bn
US lenders completed over US$482bn in M&A loan volume in 2025, an increase of 43% compared to 2024 totals and…
How should investor think about risk in junior capital
Sponsor-backed junior credit has historically offered low volatility with strong risk-adjusted returns — driven by several key factors. Subordination does…
North American Leveraged Finance Outlook 2026
Click here to download report. Fitch Ratings’ 2026 sector outlook for North American Leveraged Finance is neutral, reflecting broadly steady…
Sponsors Tap Leveraged Loan Market for Dividend Payouts at Record Pace
With just two weeks before the start of the new year, dividend issuance has reached an all-time high in the…
Primary market cools down, dividend recaps on the rise
Institutional leveraged loan issuance dropped to USD 55bn in October, down 42% from USD 96bn in September. This decline followed a…
Percentage of Loans with MFN Carveouts
(Past performance is no guarantee of future results.)
PE take-private deal activity
Download PitchBook’s Report here. Middle-market take-private activity dwindled in Q3, with PE buyers underwriting just four announced or completed deals under $1 billion…
US primary market loan yields tighten in December
The average primary market yield, assuming a 3-year term to repayment on first-lien institutional term loan Bs, decreased 26bp to…
The pros and cons of evergreen funds
Liquidity has become highly prized in private markets, but a traditionally illiquid asset class such as private credit cannot easily…
Guidance Counselors
On December 3rd, the OCC and FDIC announced they were withdrawing the Leveraged Lending Guidance they (with the Fed) had…