Octus, a credit intelligence and data provider, has released its comprehensive recap of major performing credit market trends for 2025, alongside its annual League Tables, which rank leading firms in private credit, leveraged finance, CLOs, and distressed markets globally.
Octus, established in 2013, serves as a credit intelligence, data, and workflow provider for buy-side firms, investment banks, law firms, and advisory firms. The company’s analysis of 2025 market wraps for the Americas and EMEA indicates that the year was significant for performing credit, characterized by opportunistic issuance, tightening spreads, and the continued growth of private credit as a core financing solution.
Globally, demand for credit remained strong, but 2025 was defined by disciplined selection, structural innovation, and rapid shifts in market windows rather than market exuberance. Private credit solidified its role as a permanent market fixture, moving beyond an alternative financing option.
Private credit emerged as the most influential force in corporate credit during 2025, expanding beyond traditional sponsor-backed leveraged buyouts and M&A into areas like investment-grade, asset-based lending, and specialty finance strategies. With intensified competition for assets due to lower M&A activity and increased rivalry with the broadly syndicated loan (BSL) market, leading private credit firms differentiated themselves through scale, versatility, structuring expertise, and execution certainty.
Kent Collier, CEO at Octus, noted a convergence in the market: “Across the market, there’s a clear convergence taking place as private credit and BSL analysts now work on the same floor, sharing knowledge to make the best decisions for their clients. The ability to look at more deals, irrespective of the market, has become a top differentiator in an increasingly spread-compressed market.” Collier added that large managers with broad support may sustain their momentum. The year also saw more private lenders launching business development companies (BDCs), with BDC assets surging nearly 33% year-over-year to over $554 billion by Q2 2025. Private credit now comprises nearly 60% of this asset base, though BDC loans with nonaccrual status increased by 12% from Q2 to Q3.
Octus data revealed robust issuance volumes in 2025 across public and private credit markets for the second consecutive year, despite a volatile environment. Primary market activity was dominated by refinancings and repricings, particularly in leveraged loans, as issuers leveraged declining interest rates and high demand from CLO investors.
In Europe, high-yield bond issuance reached approximately €140.9 billion, and leveraged loan issuance climbed to roughly €306 billion, both marking record levels. Concurrently, the US saw high-yield bond issuance of $352.6 billion and leveraged loan issuance of $828.9 billion. CLO issuance also surged, with European CLOs reaching a record of approximately €59 billion in new issuance, plus an additional ~€60 billion in resets and refinancings, bringing the total outstanding European CLO market beyond €290 billion. US CLO issuance topped $205 billion by mid-December, including $40 billion from private credit CLO issuance.
In the Americas, the US performing credit market was characterized by speed and volatility. Tariff-related disruptions in the spring led to sharp issuance fluctuations, with leveraged loan volumes initially spiking before retreating. Refinancings and repricings formed a significant portion of primary market activity as borrowers focused on managing financing costs, while new money transactions remained less prominent, aligning with M&A activity.
European credit markets, in contrast, exhibited greater pricing discipline and relative value, attracting increased investor interest amidst global uncertainty. Analysis indicated a growing investor appetite for Europe, supported by asset scarcity and a more selective underwriting environment. Continuation funds and GP-led solutions became more common as sponsors adjusted exit strategies in a slower M&A landscape.
Octus’s annual League Tables provide independent benchmarks of market leadership, ranking firms across the entire credit lifecycle based on transaction volume, activity, and execution. These reports cover advisors, direct lending, CLO arranging banks, managers, and legal advisors, spanning private credit to restructuring, globally and regionally.
As of January 27, 2026, Octus had published several rankings, including US CLO Rankings, European CLO Rankings, European Direct Lending Rankings, US Direct Lending Rankings, and Americas Restructuring Rankings. These reports offer detailed insights into market performance across both US and European markets.
The top global CLO managers for fiscal year 2025 included Blackstone ($26.88 billion), BlackRock/HPS ($25.83 billion), and Golub ($23.85 billion). In the US BSL CLO sector, top managers were Blackstone ($18.69 billion), Carlyle ($15.77 billion), and Apollo (Redding Ridge) ($14.75 billion). European CLO managers were led by CVC (€7.42 billion), Apollo (Redding Ridge) (€5.88 billion), and BlackRock/HPS (€5.61 billion). For US Private Credit CLO managers, Golub ($16.44 billion), Antares ($6.81 billion), and BlackRock/HPS ($6.80 billion) ranked highest. The top global CLO arranging banks were Bank of America ($72.10 billion), Citi ($68.50 billion), and JPMorgan ($59.92 billion). Leading US BSL CLO arranging banks were Bank of America ($53.22 billion), Citi ($49.94 billion), and JPMorgan ($38.55 billion). In US Private Credit CLO arranging, Wells Fargo ($11.72 billion), BNP Paribas ($10.55 billion), and Societe Generale ($8.71 billion) were top. European CLO arranging banks were led by Jefferies (€17.74 billion), BNP Paribas (€16.05 billion), and JPMorgan (€15.23 billion).
In European direct lending for FY’25, based on deal count, top firms included Ares (125 deals), Goldman Sachs Private Credit (61), Blackstone Credit (50), Barings Private Credit (48), and Muzinich (47). Sector-wise in Europe, Ares led in software-related (19), business services (14 tie), financial services and insurance (29), consumer-related (18), and healthcare and life sciences (22). For US direct lenders in FY’25 by deal count, Blackstone (225 deals), Antares (189), Churchill (187), Apogem (167), and TPG Twin Brook (148) were prominent. By market segment in the US, TPG Twin Brook led in Lower Middle Market (106) and Middle Market (144), while Blackstone led in Large Cap (175) and M&A-related (118), and Buyouts-only (49).
