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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 
Leveraged Loan Launches Pick Back Up in September
Click here to access Bloomberg’s US Leveraged Finance Chartbook
US BDC Robust Unsecured Debt Issuance Reduces Funding, Liquidity Risk
Click here to learn more. Strong unsecured debt issuance has continued for rated business development companies (BDCs) in 2025 amid…
Private debt nowcast vs. reported returns
Download PitchBook’s Report here. The Private Debt Barometer currently holds a stable, slightly positive score of 53, with a nowcast of…
US LevFin issuance slips to US$200bn despite historically active August
For US LevFin, we saw trends of previous months continue to play out in August: (1) Defense over offense, with…
Business Service as Usual
Business services and tech remain strong sectors for LBO candidates. Source: KBRA DLD
Middle Market Deal Terms at a Glance - September 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
The differing priorities of LPs and GPs
Investors and fund managers have diverging priority lists according to a survey. The current fundraising environment has given rise to…
Share of New-Issue Loans with Pick-Your-Poison Provisions
(Past performance is no guarantee of future results.)
Rolling one-year PE fund returns
Download PitchBook’s Report here. A review of desmoothed returns and the desmoothed nowcast over a rolling one-year horizon shows that PE…
US Leveraged Loan Returns Cool to 0.32% in August
Click here to access Bloomberg’s latest Global Leveraged Loan Index Report The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned…
Defaults: Roughly 40% of restructured HY issuers were in trouble again within 24 months
Click here to learn more. Distressed debt exchanges (DDEs), the alternative medicine to bankruptcy when it comes to treating problem…
Percentage of Loans with an MFN Sunset
(Past performance is no guarantee of future results.)
PIK Income Fell Modestly in 2Q25 for BDCs, Dividend Coverage Varies
Click here to learn more. Payment-in-kind (PIK) income for Fitch-rated business development companies (BDCs) declined modestly in 2Q25 but remains…
Near-term BDC loan maturities remain limited
The loan maturity profile of BDCs, the most transparent part of the direct lending universe, is not pointing to any…
Hints of LP support waning for US
Up to the mid-point of this year, capital raising by US funds was still going strong – but LPs appeared…
Swiss Army Knife of Capital (Part One)
We recently joined several colleagues on an excellent PDI podcast – “New Era of Private Credit” – for a wide-ranging…