1、EUROPEANPrivate Credit MonitorMay 2026PG 2MONTHLY EUROPEAN PRIVATE CREDIT MONITOR|PERMISSION TO REPRINT OR DISTRIBUTE ANY CONTENT FROM THIS PRESENTATION REQUIRES THE PRIOR WRITTEN APPROVAL OF PITCHBOOK DATA,INC.Key Takeaways Software falls from favour LCDs May data shows that Professional&Business S
2、ervices has now unseated Technology as the biggest sector for new deals in Europe in YTD 2026.Buyout volume falls less sharply than total volume Total direct lending estimated volume has fallen by 45%YTD,while estimated buyout volume has dropped by 36%.On a three-month rolling basis,total deal count
3、 has fallen by 22%for all deals and 14%for new buyouts.Spread compression rate slows Average and median direct lending spreads fell YTD from previous years(at 504 bps for both),but the average only compressed by 3.4%from 2025,versus an average yearly reduction of 7.6%from 2023 to 2025.The median spr
4、ead tightened by 1.4%in YTD 2026,versus an average yearly reduction of 7.7%from 2023 to 2025.Refinancing and recap deal activity is in decline On a year-over-year basis,estimated volumes for refinancings and recaps are down by 74%and 60%,respectively,in 2026.Overall acquisition-related estimated vol
5、ume is also down,but only by 23%.UK deal flow shows a resurgence France had the largest share of deals by volume in 2025(25%),but the UK has now taken its top spot back at 35%of deal flow.In 2025,it came second to France at 22%.Deals from French borrowers account for only 17%of YTD deals.Direct lend
6、ing leverage shows moderation while BSL gets more aggressive The gap between average sponsored leverage in DL and BSL was the narrowest on record.This is driven by a rise in leverage for BSL deals as the cost of debt has declined,and moderating DL leverage amid declining risk appetite and a slowdown
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