European credit spreads remain resilient — BlackRock
Healthy fundamentals and low default risk means that European credit spreads are showing resilience, at least for now, according to BlackRock’s latest fixed-income outlook

Bank loan growth driven by lending to private credit and other funds—S&P
Total loan growth in the US banking system was driven by lending to nonbank financial institutions like investment funds from 2024 to 2025, the ratings agency found

Credit issuance pipeline continues to build despite temporary pause—KBRA
Issuance will be ready to resume once the market stabilises, according to Gordon Kerr, European macro strategist at KBRA

Iran War to increase corporate default rates globally — IACPM Survey
Though the credit market is absorbing new leveraged loan issuance amid geopolitical uncertainty, credit managers expect the war to drive a rise in defaults

Maturity wall threatens high-risk AI private credit names – KBRA
Direct lenders are showing an unwillingness to extend maturities for companies that are vulnerable to artificial intelligence or underperforming already 

European BSL market upped risk to win deals in 2025 – White & Case
The BSL market issued a higher percentage of loans rated below BB against a backdrop of patchy M&A flow

Private credit investors chase higher risk-return—Campbell Lutyens
A new survey shows investors are seeking higher returning strategies amid expectations of lower rates, while also turning away from the dominant North American market

North American and European credit defaults to fall next year – S&P Global
Global credit default rates will remain contained next year with North American defaults falling to around 4% 

CLO issuance projected to hit new records in 2026 – KBRA
The ratings agency projects USD 220bn in issuance across US BSL CLOs and private credit CLOs as well as five to six European private credit CLOs next year

US life insurers increase commitments to CLOs and private credit – Fitch

Alt IM-backed life insurers in the US are increasing their allocations to CLOs and private credit in the search for higher yield

Private credit adds 2% additional yield for North American insurers
S&P Global predicts growth in insurance allocations towards private credit as the asset class delivers extra yield

Mid-market CLO rally unlikely to endure — S&P Global
The positive start to the year has been undercut by uncertainty stemming from the Trump administration’s new tariff regime

New survey explores middle-market CLO operations
S&P Global Market Intelligence, in collaboration with Creditflux, conducted a study of middle-market CLO managers to assess how specialists are adapting their operations to tap this burgeoning opportunity

Middle market portfolios aren't immune to rate stress, according to new research
Two research reports published this week highlighted ongoing risks in middle market structured credit portfolios