华利安（Houlihan Lokey）：2026年春季美国私募信贷市场报告（英文版）（23页）.pdf

1、Spring 2026Capital SolutionsU.S.Private Credit Market Newsletter010203Private Credit Spring Recap Software Sector AnalysisQ2 2026 Private Credit SurveyTable of ContentsPrivate Credit Spring Recap25.2 19.4 19.2 20.2 35.5 30.8 35.1 27.9 42.2 21.2 19.2 20.7 19.34.9x 4.9x 4.8x 4.7x 4.7x 4.7x 4.7x 4.8x 4

2、.8x 4.9x 4.8x 4.7x 4.8x Apr-25Jun-25Aug-25Oct-25Dec-25Feb-26Apr-26Origination Volume($B)Total Leverage(x)Unitranche Spread(bps)Private Credit Market Update52026 Trends and RecapPrivate Credit Issuance TrendsIn recent months,issuance has been impacted by AI-related disruptions and geopolitical events

3、.Share of Direct Lending Deal VolumeLBO volume bounced back in April,accounting for approximately 70%of total volume,after March,the lowest month since April 2025.So far in 2026,private credit issuance has been constrained by volatility linked to AI-related disruptions and geopolitical events in Ira

4、n.Volume totaled$80.4 billion,down 17%year over year,and more closely resembled the second quarter of 2025,when tariff-related volatility drove slower-than-usual issuance.Though April saw only$19.3 billion in volume,the private credit market remained active,with lenders particularly focused on LBOs,

5、which accounted for 70%of all April activity.Lenders have become more selective in recent months,which has driven a shift toward more lender-friendly terms.Recent spread widening has been broad-based and is especially apparent in the large-cap segment:(1)spreads widened by 6 bps in April to S+511 an

6、d have widened 18 bps since the beginning of the year.5255225195145175125114984964904985294980%20%40%60%80%100%Apr-25Jun-25Aug-25Oct-25Dec-25Feb-26Apr-26LBOsAdd-On M&ADividendRefinancingGen Corp/OtherSource:KBRA DLD as of April 30,2026.(1)Large Cap EBITDA is defined as“private large cap.=$100 millio