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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 repricings slow in early 3Q25 as new loan assets re-emerge
US leveraged lenders completed just under US$18bn of repriced institutional loan volume during the month of October, down from over…
An investor vote of confidence
Amid some mixed headlines, private markets appear to be as popular as ever with those who provide them with their…
Higher for Longer
Larger LBO financings in direct lending are sporting increasingly higher leverage. Source: KBRA DLD Research, 3-month rolling averages
US Leveraged Loans Return 4.5% Through October
Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned…
U.S. Private Credit and Middle Market Monitor: 3Q25
Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio Overview, 3Q25 In the charts above, Fitch presents aggregate data…
Gone Fishing
On November 5th, the 2025 government shutdown became the longest in US history. Source: The Daily Shot
Out to Lunch
The Fed’s rate cut last week of 25 bps brings the funds benchmark down to 3.75-4.00%. That’s roughly 150 bps…
Median step-up from previous PE middle-market fund in fund family
Download PitchBook’s Report here. With less capital available to allocate, many LPs are consolidating the number of managers they commit capital…
Rick Miller on private credit opportunities amid ongoing uncertainty
A conversation with Richard Miller, Group Managing Director and Chief Investment Officer of TCW Private Credit Group.
US Institutional loan calendar north of US$43bn at end of October
At the end of last week, the forward calendar for institutional loan assets topped US$43bn, the highest level since July…
Distribution of MFN Sunset Horizons
(Past performance is no guarantee of future results.)
Performance and regulation are worries for LPs
Our latest test of investor opinion finds tougher market conditions impacting the responses. In this column we offer readers of…
Direct lending stability and resilience shine in times of leveraged loan market collapse
Direct lending showed notable resilience in 2Q25, while loan market volumes collapsed amid heightened volatility and a broader economic slowdown…
Loan Funds See Inflows After Consecutive Weeks of Outflows
Click here to access Bloomberg’s US Leveraged Finance Chartbook Retail investors have returned to loan funds following two consecutive weeks…
Single-B First-Lien Loan Spreads and Covenant Terms
(Past performance is no guarantee of future results.)
No One Details a Rental Car
In his 1985 best-selling “A Passion for Excellence,” Tom Peters tells the story of General Bill Creech, who led a…