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In-depth perspectives from our experts across private equity, credit, and consulting—exploring the trends and themes shaping markets and value creation.
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The Basis Point

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Aug 11, 2026

The Market Looks Resilient. The Borrowers Don’t

Jeddy Lee
Head of Credit
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Takeaway: New money accounted for only ~27% of the $221B in Q2 loan activity, and of the $53.8B of issuance, a five-year high, $13B came from a single transaction. Borrowers are pushing out maturities rather than putting money to work.

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The average spread looks steady, but B- paper has widened 57bps since Q4 2025 and now trades at its widest gap to single B since Covid. The average is holding because the dispersion is sitting inside it.

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