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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…
Share of US private debt capital raised by strategy
At 43.6% of all capital raised in the US through the first half of 2026, direct lending remains the largest category of the asset class…
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…
Fundraising slows but record in sight
PEI Private Credit’s latest fundraising data shows a slowdown in Q3 in a year with huge momentum in 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…
Middle market debt held by BDCs vs High yield vs Treasury yields
The blue line represents the dividend yield of the VanEck BDC Income ETF (BIZD), which stood at 11.8% as of…
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…
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…
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…
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…
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,…
PE exit activity
Exit value fell to $102.6 billion in the second quarter—down 46.3% from the prior quarter and 7.4% YoY—while exit count dropped to 353, a 14.1% quarterly decline and a 5.4% rise against Q2 2025.
Private credit, AI, and the Fed: Mickey Levy's outlook for the rest of 2026
A conversation with Mickey Levy, Visiting Fellow at the Hoover Institution at Stanford University.