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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 
Relative Compression
Private credit yields have narrowed since 2023, but less than for single-Bs. Source: KBRA DLD
Cameron Dawson on unlocking private debt opportunities for wealth investors
A conversation with Cameron Dawson, Chief Investment Officer at NewEdge Wealth.
Issuance Cools from July High but Sets Record for August
Following a robust July that saw $200b of institutional leveraged loans price, issuance cooled somewhat in August. At $79.5b across…
Percentage of Loans with F&C Tranche Growers
(Past performance is no guarantee of future results.)
Credit Journal – Private Credit
Click here to download. This edition of Fitch Ratings’ Credit Journal series explores the growing world of Private Credit,
PE nowcast vs. reported returns
Download PitchBook’s Report here. Like many asset classes, US PE funds experienced strong performance gains in the market acceleration during the…
BDC AUM hits a new record, topping US$500bn
The upward growth trajectory of BDCs shows no sign of slowing, with assets under management (AUM) climbing to a record…
Unrealised potential
Investors are struggling to get as much invested in private credit as they would like, although there has been a…
Back to School (Part One)
Getting our heads back into markets, we reflect this week on the shape of public equities and fixed income. The…
Tariff Drag
Growth forecasts for this year and next are well below last December’s estimates. Source: Oxford Economics/Haver Analytics
In which market environments are CVs most valuable?
One of the most common misconceptions about continuation vehicles is that they are simply a product of market stress —…
The Force Awakens – Churchill 2Q Private Equity Survey (Part Two)
In response to our Reflections on Wimbledon two weeks ago, a long-time Lead Left reader informed us that the famed…
Direct lenders leverage PIK loans for competitive gain
While payment-in-kind (PIK) loans are uncommon in the broadly syndicated loan market, where cash interest payments are standard, direct lenders…
Percentage of Deals with 75+ bps MFN
(Past performance is no guarantee of future results.)
U.S. Private Credit and Middle Market Performance Monitor: 2Q25
Click here to learn more. Fitch’s Privately Monitored Ratings Portfolio, Rating Activity The issuer-weighted TTM default rate for PMRs rose…
Back to School (Part Two)
Post-Labor Day market conditions continue to favor credit issuance of all stripes. Rather than being hampered by uncertainty surrounding tariffs,…