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Private Credit Defaults 101: Beyond the Noise
Like any good school year, this series went by fast. But as class comes to an end, there’s one theme that’s been top of mind here at The Lead: “noise.”
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October 6, 2026 
Single-B First-Lien Loan Spreads and Covenant Terms
(Past performance is no guarantee of future results.)
Credit Journal – Private Credit
Download Welcome to Fitch Ratings’ Credit Journal series – a subject-specific, curated compilation of our in-depth research and commentary.
Months to close for PE funds
Download PitchBook’s Report here. In 2022, GPs began taking longer to close PE funds as exit activity decreased and LPs became…
Safety first
Amid a volatile macro-economic and geopolitical backdrop, private credit funds are doubling down their investments in trusted sectors. US tariff…
Premium Yields
Spreads for middle market CLOs are distributed higher than their BSL counterparts. Source: S&P Global Ratings
Letter from Kuala Lumpur (Second of Two Parts)
APAC countries each have their own path to investing in alternatives and private capital. Most key Malaysian institutions began with…
Leveraged loans claw back tariff-driven losses in secondary market
It has been a wild ride in the secondary market this year to date, driven by bouts of volatility due…
US$1.4bn of BDC loans were added to non-accrual status in 1Q25
A total of US$1.4bn of BDC loans were added to non-accrual status in 1Q25, up from roughly US$1.2bn in the…
PE AUM ($T) forecast*
Download PitchBook’s Report here. Within PE subcategories, we expect buyout funds to continue to garner the bulk of fundraising in the…
Fitch’s Privately Monitored Middle Market Portfolio Overview, 1Q25
Click here to learn more. As audits for privately monitored rating (PMR) issuers continue to roll in, Fitch forecasts revenue…
Distribution of MFN Sunset Horizons
(Past performance is no guarantee of future results.)
Loan bid-price collapse halts record-breaking refinancing volumes
The wave of repricing deals seen at the start of the year is not expected to return until the percentage…
Can the asset class again prove its resilience?
Delegates at the recent Europe Summit heard views on how different parts of the market will weather the challenges. Our…
Jess Larsen on six wonders of private credit
A conversation with Jess Larsen, Founder and CEO of Briarcliffe Credit Partners.
Collateralized Loan Observations
Since the Fed began its rate hike regime in March 2022, MM CLO activity has grown. Source: PitchBook
Letter from Tokyo (Second of a Series)
Last week we came to Tokyo for meetings with our investors and friends in the region, as well as participating…