美国信贷市场季度总结（英）2025

USCredit Markets ...as outstandings grow 9.2%, to $1.55 trillion, the most ever… Source: PitchBook | LCD • Data through Dec. 31, 2025*Reflects repricings and extensions done via an amendment process only Source: PitchBook | LCD • Data through Dec. 31, 2025 Source: PitchBook | LCD • Data through Dec. 31, 2025Direct lending analysis is based on transactions covered by LCD News Market recaps 19 AI spending fervor stokes late high-yield issuance surge23 US Lev Fin Survey: Optimism mixes with AI bubble concerns 3Leveraged loan asset class expands to $1.55T10Mega-deals dominate as private credit activity bounces back Leveraged loan asset class expands to $1.55T; spreads at multiyear lows Despite cooling from a record 2024, the 2025 loan market remainedexceptionally active. Opportunistic transactions continued todominate, while net new-money issuance extended a multiyearrecovery, supporting a 9.2% expansion in the US syndicated loan Key takeaways: • Overall 2025 primary market activity, including loan repricings,decreased 24.5% from 2024’s record level but marked the second- • Opportunistic activity remained dominant — though slightly softerthan in 2024 — while net new-money deals increased for the third Repricing amendments — which do not represent net supply forinvestors — accounted for roughly half of 2025 primary marketactivity as speculative-grade borrowers cut spreads on $504 billionof term loans. While a signiƼcant decline from the $757 billion peak • Although base rates remain elevated, 2025 loan performancelanded modestly above average, primarily due to weakening To put the magnitude of the current repricing wave into perspective:A total of $1.3 trillion of institutional term loans have been repricedin the last two years, nearly matching the $1.4 trillion outstanding inthe entire institutional loan market at the end of 2023, as tracked by •Loan issuance tied to LBO and M&A activity rose to its highestlevel in three years, nearly matching 2022 volumes. Strongcorporate M&A and sponsor-backed add-on activity helped Roughly 8% of companies repriced loans twice in 2025, and another40% amended term loans across both 2024 and 2025. Many ofthese “double-dip” transactions generated substantial cost savingsfor borrowers, with numerous issuers reducing spreads by morethan 100 bps, even before factoring in rate cuts. This two-year • The loan asset class expanded by 9.2%, to a record $1.55 trillion,one of the strongest growth years in the last decade. • Speculative-grade borrowers reduced 2027/2028 maturities by42% in 2025, yet the near-term maturity wall is the steepest it’s • Spreads contracted to multiyear lows across the full credit-quality 2025 in review Primary broadly syndicated leveraged loan activity topped $1 trillionin 2025, and while the total fell 24.5% from the 2024 record, it still Expectations for a sharp rebound in LBO and M&A activity did notmaterialize amid policy volatility and macroeconomic uncertainty.However, net new-money issuance rose for the third consecutiveyear, reƽecting steady rather than explosive growth. Meanwhile, Excluding repricing and extension amendments, new-issue loanvolume was $439 billion in 2025, down 13% from 2024 but stillabove the 10-year average of $389 billion. The decline was largelydriven by a pullback in reƼnancing activity, which totaled $192billion for the year. While this represents a 27% drop from the 2024reƼnancing surge, it still ranks as the second-highest annual total In the secondary market, volatility increased in 2025 after relativelycalm conditions in 2024. After reaching an intra-year high of97.70 in January, the LLI’s weighted average bid fell sharply, to94.41 in early April, following the “Liberation Day” announcement.Prices nearly reached their January highs by July, but those gains Growth despite challenging backdrop Even amid elevated volatility, geopolitical challenges, and a moreuncertain macro backdrop, the loan asset class grew meaningfullyin 2025. The par amount outstanding tracked by the LLI expandedby 9.2% in 2025, to a record $1.55 trillion. This is the third highest Speculative-grade borrowers’ extensive efforts to reprice andreƼnance existing loans — together with 75 bps of rate cuts in late2025 — were reƽected in leveraged loan performance. In 2025, USleveraged loans returned 5.90%, as a 7.90% income return offset a Supporting this growth was a slow but steady recovery in net newissuance and a decline in repayments. Excluding reƼnancings,repricings and extensions, new-issue loan volume rose to $247billion in 2025, 3% ahead of the 2024 Ƽgure and a four-year high. However, the 7.90% interest return component, which captures bothbase rates and coupons, fell from an average of roughly 9.6% in At the same time, repayments fell to $296 billion in 2025, down from$390 billion in 2024, as reƼnancing activity slowed markedly. Heightened uncertainty and broader macro headwinds alsocurtailed other forms of corporate acti