Content hub
Explore private capital market trends, in-depth research from leading industry partners, expert interviews, live webinars, and educational videos — all in one place.
Featured Article
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.”
|
October 6, 2026 
3Q26 M&A loan volume down quarter-over-quarter; 1-3Q26 totals up nearly 20%
3Q26 M&A loan volume totaled just under US$99bn (down over 25% year-over-year and 33% quarter-over-quarter), pushing issuance for the first…
Middle market lender target achievement improved further in 3Q26
A slight majority of direct lenders (57%) achieved their middle market lending targets in 3Q26, while 60% of banks fell…
Steady CLO issuance supports leveraged loan demand
The US leveraged loan market remains extremely constructive despite a plethora of headlines – both geopolitical and financial – which…
LevFin Issuance Slows Across Products in August; DCM Remains a Bright Spot
The leveraged capital markets business continued to decelerate from just about every aspect, even for August standards. Overall issuance (including…
BDC AUM Hits Record US$577.8B in 2Q26
Despite growth slowing this year, BDC assets under management (AUM) rose by US$3.4bn in 2Q26 to a record US$577.8bn. By…
3Q26: New loan assets rise to 44% of total lending, a 3-year high
New loan assets as a proportion of total US loan volume make up 44% of the 3Q26 pipeline to date,…
BDC redemption requests remain elevated but show some signs of stabilization*
Looking at the 12 largest BDCs that offer investors the ability to redeem shares on a quarterly basis, redemption requests…
More than 70% of public BDCs now trade below 0.80x NAV
BDC valuations remain under pressure as investors have become more selective toward private credit this year. Concerns over AI-related risks…
Sponsored MM leverage falls to its lowest level since 1Q23
Total leverage on sponsored middle market transactions declined to 4.40x in 2Q26 from 4.51x in 1Q26, reaching its lowest level…
US LBO loan volume reached nearly US$90B in 1H26; direct lending held 43% share
US lenders completed a combined US$34bn of syndicated (US$16.94bn) and direct lending (US$$16.6bn) loan volume backing leveraged buyout activity ub…
Middle market loan issuance weakened in 2Q26 as sponsored activity slowed
US middle market loan issuance weakened in 2Q26 as sponsor-backed acquisition activity slowed amid muted LBO volumes and a smaller…
IG lending drives $255.3B of US M&A loan issuance during 1H26
US syndicated loan issuance backing M&A purposes reached US$255.3bn during 1H26, driven primarily by IG volume US syndicated loan issuance…
US syndicated loan volume hits $465B as investment-grade lending jumps 22%
At US$465bn, 2Q26 US syndicated loan volume buoyed by 22% jump in investment grade lending US lenders completed over US$936Bn…
US TLB pricing tightens on repricings and refinancings
Average US TLB pricing tightens amid flush of repricings and refinancings Amid a limited new money leveraged loans pipeline, refinancings…
BDC investments maturing by end of 2027 total over US$21bn, representing 8.5% of loan assets
The maturity profile of BDC loan investments does not point to a major deterioration in the near-term. Looking at the…
US syndicated sponsored loan volume tops US$483.8bn YTD, driven primarily by refinancing activity
US sponsored lending reached US$483.8bn year-to-date through May of 2026, marking an increase of 29% compared to the same period…