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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 
Bilal Hafeez on policy volatility
A conversation with Bilal Hafeez, Founder and CEO of Macro Hive.
Letter from Down Under (First of Two Parts)
In our travels last month to Perth, Melbourne, and Sydney, we had over twenty meetings with clients and friends that…
Lenders offer deep discount on new loans in April
To Monitor Upcoming US Institutional Loan Issuance, run PREL <GO> from a Bloomberg Terminal Primary issuance has come at a…
Direct lending versus buyout fund distribution rates
Download PitchBook’s Report here. In the 12 months ended Q2 2024, private debt returns outpaced all other private market asset classes.
Distribution of Accordion F&C Tranche EBITDA Grower Caps (L3M)
(Past performance is no guarantee of future results.)
BDCs Face New Headwinds but Limited Direct Exposure to Tariff Sectors
Click here to learn more. The recent escalation in the global trade war and resulting uncertainty across the market introduced…
BSL lenders support over US$405bn in new lending activity YTD; Several M&A opportunities bypass BSL market
US lenders have been tapped for nearly US$406bn in new loan assets so far this year via the broadly syndicated…
Headwinds have not blown Europe off course
Fundraising has been challenging for the region but deals soared last year and hopes are high for the remainder of…
Down Decade
Malaysia’s investment growth lags other ASEAN countries but shows signs of recovery. Source: Department of Statistics, Malaysia. Haver and respective…
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…
Letter from the Persian Gulf
It had been a while since our last MENA visit, so on a recent trip there with our teams, clients…
High-yield bond default wave swells as distressed debt exchanges stack up
The trailing 12-month (TTM) US high-yield (HY) bond default rate has spiked in recent months following a steady decline through…
Accordion Inside Maturity
(Past performance is no guarantee of future results.)
Fitch Ratings Completes Peer Review of 12 US BDCs
Click here to learn more. Fitch Ratings has completed a peer review of U.S. business development companies (BDCs). We have…
Private debt fund versus leveraged loan returns by quarter
Download PitchBook’s Report here. Private credit spreads are expected to tighten further, even after new-issue spreads already declined significantly in 2024.
There’s a New Tariff in Town (First of Two Parts)
This week we look at questions from clients and friends surrounding the issue of tariffs. Not surprisingly, as we’ve discovered…