美国私人信用监测（英）2026

Private CreditMonitor May 2026 Key Takeaways back, and deal terms improving. On plain-vanilla deals, spreads have moved outroughly 25 to 50 basis points—a loan that priced at Sofr+450 late last yearwould likely come at Sofr+500 today, with slightly more OID. A small sample ofrecent LBOs bears this out, with spreads averaging S+490, versus S+474 in Q1,though the dataset is thin and skewed toward deals closed earlier in the year •Direct lending volume and deal count fall to a nearly three-year low–Avolatile market backdrop, geopolitical uncertainty, and net outflows from retailproducts further slowed an already sluggish period. Direct lenders provided anestimated $45.2 billion of new loans in the three months to May 31, the lowestlevel since Q2 2023, down 40% from Q1 2026. Deal count retreated to 184transactions, the lowest since Q3 2023 and down 16% from the first quarter. •PIK and cash interest income fell in Q1 among BDCs–Among the 15 largestpublicly traded BDCs, LTM PIK interest income through Q1 fell 4.8% from LTMQ1 2025 levels. Cash interest income declined by 5.0% over the same period.Overall, the share of PIK in total interest income slipped to 8.2% from 8.6%quarter over quarter, with 8 of the 15 BDCs reporting a decrease. For more, seeQ1 BDC PIK interest income falls 10%, share of PIK interest falls to 8.2%. •Sponsor-backed direct lending hit a multiyear low last quarter–Sponsor-backed volume declined to $28.9 billion (the weakest since Q2 2023) and dealcount fell to 102 transactions (the weakest since Q3 2023). Through five months,volume is down 25% from last year deal count is down 16%. •Buyout activity fell to multiyear lows–AI-driven concerns weighed onsoftware valuations, non-traded BDC shareholders stepped up redemptionrequests, and geopolitical uncertainty kept dealmakers cautious. Estimateddirect lending buyout volume fell to just $15.6 billion in the three months to May31, from $23 billion in Q1, while deal count retreated to 48, from 57. YTD loanvolume and deal count are down 19% and 13%, respectively, year-over-year. •Software loses its leveraged loan lead to Healthcare–Software's share ofBSL issuance has fallen to a low point since 2013, weighed down by AI-disruption fears and scarcer financing, with the pullback sharpest in PE-backedbuyout activity. Healthcare has taken the top spot in institutional issuance for thefirst time since 2015, as part of a broader diversification across leading sectors.Direct lenders are unlikely to fill the gap in the near term, with many activelytrimming software exposure and demanding tighter terms. For more, seeSoftware loses its throne in the leveraged loan market. •Private credit spreads in spotlight as market dynamics shift–Lendersdescribe a market reset taking shape, with spreads widening, leverage pulling Direct Lending Volume &Counts Direct lending activity slows, with deal count easing and estimated volume dropping sharply below 2025 levels Both YTD 2026 volume and deal count fall short of last year’s pace Sponsor-backed direct lending pulls back sharply; both volume and deal count fall YTD sponsor-backed activity falls behind last year's pace; both deal count and volume trail YTD 2025 PE-backed direct lending declines over the last three months as LBO and M&A activity cools Buyout direct lending volume and deal count have trended lower since Q3 2025 YTD LBO direct lending volume and deal count both run below YTD 2025 levels Technology's share of direct lending declines YTD; Healthcare’s share expands New-issuedirectlending top 10 sectors–share by deal count Spreads Deal pricing converges in the 450–499 bps range, drawing borrowers from both lower and higher spread buckets New-issue spread distribution of LBOs financed in direct lending market Direct lending spreads for B-minus borrowers have tightened from their 2025 levels Spread of LBOs financed in BSL (B-minus borrowers) vs direct lending market The BSL–direct lending spread differential narrows to roughly 140 bps YTD, the narrowest since 2019 Spread of LBOs financed in BSL (all borrowers) vs direct lending market The quarterly BSL–direct lending spread gap averages around 170 bps over the last three months, running above the YTD trend Spread of LBOs financed in BSL (all borrowers) vs direct lending market Broadly Syndicated vs.Direct Lending Market Direct lending LBO count falls to its lowest level since Q4 2023, yet remains well above BSL BSL retains its LBO volume edge over direct lending over the last three months, continuing the Q1 trend Direct lending continues to feature more sponsor-backed deals than BSL market BSL volume eases from Q1 peak but remains ahead of direct lending in sponsor-backed new-issue volume Direct lending and syndicated loans both give back a touch of global buyout share in Q1; hybrid financings rebound from their2025 low Share of global buyouts over $1B, by financing type Business DevelopmentCompanies (BDCs) BDC portfolio spreads