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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 
US leveraged loan launches reach five-month high in September
The US leveraged loan market recorded $93.6b of launches in September, marking the busiest month of primary market activity since…
Leveraged loans join the AI infrastructure funding boom
Companies are increasingly tapping the leveraged loan market to finance AI-driven data center infrastructure projects. Although high-yield bonds have accounted…
Increased transparency a positive for U.S. private credit market
Fitch Ratings views increased scrutiny of private corporate credit as a natural step in the market’s development. Greater focus on private credit supports more reporting, increased transparency, and information flow in the market.
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…
Summer recovery stalls as secondary loan pricing retreats from September peak
The summer recovery in US leveraged loan secondary market pricing has recently lost momentum, with average prices declining to 95.54…
Low August U.S. defaults reflects seasonal slowdown as market concern loans build
U.S. leveraged loan and high-yield default rates were unchanged in August 2026 at 3.9% and 2.8%, respectively, as seasonal conditions limited default activity, Fitch Ratings says.
US leveraged loan issuance rebounds in September
Following three consecutive months of declining issuance, the US leveraged loan market has reversed course in September. Approximately $48.7b of…
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…
US Leveraged Loans Return 3.36% to Investors YTD
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.96% in August and has gained an additional 0.28% through September…
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…
US Leveraged Loan Launches Exceed $30b in post-Labor Day Rush
The US leveraged loan market recorded $24.6b of new launches on Tuesday, September 8, marking the busiest post-Labor Day surge…
Rate Hike Expectations Regain Steam following Jackson Hole
The CME six-month Term SOFR rate reached a recent high of 3.979% on July 28 before retreating to 3.821% as…
Unconquered Territory
With most of the map still unexplored, there’s room for a sequel.
US Leveraged Loans Return 2.46% to Investors YTD
The Bloomberg US Leveraged Loan Index (Ticker: LOAN) returned 0.79% in July and has gained an additional 0.35% through August…
U.S. LevFin markets steady in 2Q26; credit quality divide widens
North American leveraged finance markets remained active in 2Q26, but performance gaps across credit tiers widened, according to a new Fitch Ratings report.