Octus Identifies Leading Credit Trends That Defined 2025 and the Firms That Shaped the Market

Private Credit Leads a Year of Steady Issuance, Tight Pricing and Structural Evolution

NEW YORK--(BUSINESS WIRE)--Octus, the essential credit platform for the world’s leading buy-side firms, investment banks, law firms, and advisory firms, today announces a comprehensive recap of the major performing credit market trends in 2025, alongside its annual League Tables analysis, ranking the firms that led transactions and shaped trends across private credit, leveraged finance, CLOs and distressed markets globally and by region.

Drawing on comprehensive data from the company’s year-end Americas and EMEA market wraps, Octus analysis shows that 2025 was a defining year for performing credit, marked by opportunistic issuance, tightening spreads and the continued rise of private credit as a core financing solution. While demand for credit remained strong globally, the year was defined less by exuberance and more by disciplined selection, structural innovation and rapid shifts in market windows. In 2025, private credit cemented its position as a permanent market fixture rather than an alternative.

The Trends That Defined 2025

1) Private Credit Moves Into the Mainstream

Private credit continues to be the most influential force in corporate credit in 2025, showing continued growth beyond traditional sponsor-backed leveraged buyouts and M&A into investment-grade, asset-based lending and specialty finance strategies. As competition for assets intensified amid below-expectation M&A activity and increased competition against the BSL market, leading private credit firms distinguished themselves through scale, versatility and structuring expertise, and certainty of execution.

“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,” says Kent Collier, CEO at Octus. “Having support across buy side and direct lending teams, portfolio management, fundraising, and private wealth channels means the biggest managers may continue their momentum for the next 12 months.”

2025 also witnessed more private lenders launching business development companies (BDCs) or announcing plans to do so. In Q2 2025, BDC assets surged nearly 33% year-over-year to more than $554B, with private credit now comprising nearly 60% of the asset base. Yet, BDC loans with nonaccrual status, a key indicator of stress within portfolios, rose 12% from Q2 into Q3.

2) Global Markets: Steady Volumes, Repricing Momentum and Execution Leadership

Octus data shows that 2025 issuance volumes remained robust for the second consecutive year across public and private credit markets despite a volatile backdrop. Zooming in beyond headline numbers, Octus identified that refinancings and repricings dominated primary market activity, particularly in leveraged loans, as issuers capitalized on declining interest rates and outsized demand from mainly CLO investors.

In Europe, high-yield bond issuance reached approximately €140.9 billion, while leveraged loan issuance climbed to roughly €306 billion, both record levels. Meanwhile, in the US, high-yield bond issuance was $352.6 billion, while leveraged loan issuance hit $828.9 billion.

• CLO issuance surged on both sides of the Atlantic, despite a challenging arbitrage and macro volatility, with European CLOs posting a record of roughly €59 billion in new issuance and an additional ~€60 billion in resets and refinancings, pushing the total outstanding European CLO market beyond €290 billion.
• US CLO issuance also had a strong year, peaking at more than $205B by mid-December, of which $40B represented private credit CLO issuance.

3) Regional Highlights: Volatility Brings Discipline and Structural Innovation

Americas

• In the U.S., Octus observed a performing credit market shaped by speed and volatility. Tariff-related disruption in the spring triggered sharp issuance swings, with leveraged loan volumes spiking early in the year before pulling back amid volatility.
• Refinancings and repricings accounted for a substantial share of primary market activity, as borrowers focused on managing their financing costs. New money transactions remained relatively lackluster in line with M&A activity.

Europe

• European credit markets, by contrast, demonstrated greater pricing discipline and relative value, attracting incremental investor interest amid global uncertainty.
• Analysis of 2025 showed that investor appetite increasingly shifted toward Europe, supported by asset scarcity and a more selective underwriting environment.
• Continuation funds and GP-led solutions were more mainstream, as sponsors adapted exit strategies in a slower M&A environment.

Octus League Tables: Ranking the Firms That Shaped the Market in 2025

Octus publishes League Tables rankings covering the entire credit lifecycle, including regional reports for advisors, direct lending, CLO arranging banks, managers and legal advisors, spanning private credit to restructuring. These ranking reports provide an independent benchmark of market leadership based on transaction volume, activity and execution.

Together with its market trend analysis, Octus’ League Tables offer a comprehensive view of how performing credit evolved in 2025 and who led it. As of January 27, 2026, Octus has published:

1) US CLO Rankings

2) European CLO Rankings

3) European Direct Lending Rankings

4) US Direct Lending Rankings

In addition to the CLO and direct lending rankings noted, Octus also published the Americas Restructuring Rankings. All rankings reports are available for download on Octus’ website. These rankings provide granular insights into performance across both the US and European markets.

US and European CLO Managers and Arranging Banks Rankings

• Top Global CLO Managers FY’25: Blackstone ($26.88B), BlackRock/HPS ($25.83B), Golub ($23.85B)
• Top US BSL CLO Managers FY’25: Blackstone ($18.69B), Carlyle ($15.77B), Apollo (Redding Ridge) ($14.75B)
• Top European CLO Managers FY’25: CVC (€7.42B), Apollo (Redding Ridge) (€5.88B), BlackRock/HPS (€5.61B)
• Top US Private Credit CLO Managers FY’25: Golub ($16.44B), Antares ($6.81B), BlackRock/HPS ($6.80B)
• Top Global CLO Arranging Banks FY’25: Bank of America ($72.10B), Citi ($68.50B), JPMorgan ($59.92)
• Top US BSL CLO Arranging Banks FY’25: Bank of America ($53.22B), Citi ($49.94B), JPMorgan ($38.55B)
• Top US Private Credit CLO Arranging Banks FY’25: Wells Fargo ($11.72B), BNP Paribas ($10.55B), Societe Generale ($8.71B)
• Top European CLO Arranging Banks FY’25: Jefferies (€17.74B), BNP Paribas (€16.05B), JPMorgan (€15.23B)

European and US Direct Lending Rankings

• Top European Direct Lenders FY’25, based on deal count: Ares (125), Goldman Sachs Private Credit (61), Blackstone Credit (50), Barings Private Credit (48), Muzinich (47)
• Top European Direct Lenders FY’25 by sector, based on deal count:
  • Software-related: Ares (19), Blackstone Credit (18), Goldman Sachs Private Credit (17)
  • Business services: Ares (14 tie), Goldman Sachs Private Credit (14 tie), Muzinich (12), Barings Private Credit (11)
  • Financial services and insurance: Ares (29), CVI (10), Blackstone Credit (9 tie), Goldman Sachs Private Credit (9 tie), HPS (9 tie)
  • Consumer-related: Ares (18), Muzinich (14), Hayfin (10 tie), Oquendo (10 tie)
  • Healthcare and life sciences: Ares (22), Goldman Sachs Private Credit (13), CVC Credit (11)
• Top US Direct Lenders FY’25, based on deal count: Blackstone (225), Antares (189), Churchill (187), Apogem (167), TPG Twin Brook (148)
• Top US Direct Lenders FY’25 by market segment, based on deal count:
  • Lower Middle Market: TPG Twin Brook (106), BMO Sponsor Finance (88), Apogem (82)
  • Middle Market: TPG Twin Brook (144), Apogem (139 tie), Churchill (139 tie), BMO Sponsor Finance (135)
  • Large Cap: Blackstone (175), Antares (110), Ares (86 tie), HPS (86 tie)
  • M&A-related: Blackstone (118), Churchill (115), Apogem (112)
  • Buyouts-only: Blackstone (49), Monroe (46), Ares (45)

About Octus

Founded in 2013, Octus is the essential credit intelligence, data and workflow provider for the world’s leading buy-side firms, investment banks, law firms and advisory firms. By surrounding unparalleled human expertise with proven technology, data, and AI tools, Octus unlocks powerful truths that fuel decisive action across financial markets. Visit octus.com to learn how Octus delivers rigorously verified intelligence at speed and creates a complete picture across the credit lifecycle. Follow Octus on LinkedIn and X.