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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 
1Q25 Syndicated ABL volume up 29% year-over-year at US$22bn
US lenders syndicated just over US$22bn of asset-based loan issuance in 1Q25, marking a 29% year-over-year increase and remaining flat…
Leveraged Loan Market Dries Up Amid Economic Uncertainty
Click here to access Bloomberg’s US Leveraged Finance Chartbook The reduction in US institutional leveraged loan issuance has been drastic…
Real estate debt spies comeback
Despite the lack of deal volume and build-up of dry powder in the sector, there remain parts of the market…
Ringgit in the New Year
Malaysia’s economy grew 5.1% last year, ahead of 2023; 2025 is tariff-dependent. Source: Department of Economics, Malaysia
Private Credit in a Post-Rate World (Last of a Series)
The notion of a post-rate world is arguable, as anyone in the capital markets over the past two decades would…
Private debt rolling one-year horizon IRR by type
Download PitchBook’s Report here. Of the major substrategies, mezzanine funds led for five consecutive quarters until Q2 2024, when the strategy…
Middle Market Deal Terms at a Glance - April 2025
Source: SPP Capital Partners Contact: Stefan Shaffersshaffer@sppcapital.com
Launch Drought Extends to 14 Days, Setting Bleak New Record
Click here to access Bloomberg’s US Leveraged Finance Chartbook Wednesday, April 16th was the 14th business day running without a…
Inflows, Competition to Pressure Perpetual BDC Earnings, Asset Quality
Click here to learn more. The elevated competitive underwriting environment for business development companies (BDCs) will persist in 2025 due…
US institutional loans pipeline grinds down to US$5.1bn amid tariff whiplash
Early in the second quarter, the institutional loan calendar stands at just over US$5bn, the lowest level in 5 years.
Average EBITDA Adjustment Cap for Synergies & Cost Savings
(Past performance is no guarantee of future results.)
Distress takes the fundraising limelight
Q1 2025 saw a reversal in fortunes, with direct lending making a slow start to the year. In recent years…
Middle Market Breakdown
Despite other views, the middle market has three parts, each with their own features. Source: Churchill Asset Management
Letter from Down Under (Second of Two Parts)
“Manager performance is the beta of private credit. The alpha is client support. Transparency and timeliness of information is critical,…
Private Credit in a Post-Rate World (Fourth of a Series)
The proponents and beneficiaries of private capital have long recognized its virtue of being less correlated with headline risk than…
Letter from Kuala Lumpur (First of Two Parts)
“Micro, small, and medium-sized enterprises contribute almost 40% of Malaysia’s GDP and almost 50% of its national work force, yet…