At the end of last week, the forward calendar for institutional loan assets topped US$43bn, the highest level since July of this year. The mix of anticipated deal flow is split almost evenly among new loan assets at over US$25bn and series of opportunistic refinancings. Barely one month into 4Q25, over US$68.5bn of leveraged institutional issuance has closed in the US loan market. One third of this total represents new loan assets, with almost US$14bn backing M&A activity.
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Information technology topped nonaccruals on a cost basis
Maturities of loans switching to at least partial PIK tends to be longer-dated than Octus’ other stress trackers: nonaccrual and fair value write-down reports.
US Broadly Syndicated Loan CLO Defaults in 3Q26 Driven by Distressed Debt Exchanges
Out of court restructurings drove nearly all default activity within Fitch-rated U.S. broadly syndicated loan (BSL) CLO portfolios in 3Q26, Fitch Ratings says.