bond CAPITAL Research
bond CAPITAL Research is the research desk of bond CAPITAL, covering private credit, interest rates and capital-stack structuring. It publishes daily analysis across five topic areas, from private credit fundamentals to risk management and underwriting.
Risk management, underwriting and monitoring
Portfolio Monitoring: Early-Warning Metrics for Private Credit
A practical private credit surveillance system tracks cash conversion, leverage headroom, liquidity, and amendments to identify deterioration before...
Market trends, rates, and sector insights
Quiet Public Spreads, Selective Private Credit
Public spreads remain tight, but direct lenders are pricing wider, shifting sector exposure and testing leverage as bank appetite diverges and refinancing...
Deal structures, strategies and the capital stack
Retiring-Owner Buyouts: Funding the Succession Capital Stack
A retiring-owner buyout needs more than a purchase loan. Match bank debt, seller notes, private credit, and equity to proceeds and repayment capacity.
Private Credit Fundamentals
Debt Capacity and Equity Dilution: The Cash-Flow Limit
Learn how lenders size debt against cash flow, stress-test coverage, and weigh borrowing costs against equity dilution using current private credit market data.
Stories of leverage, wealth creation and why smart owners don’t sell equity
Debt-Funded Acquisition: LSEG’s $3.535B Octus Strategy
LSEG’s $3.535B Octus acquisition shows debt funding can avoid new-share dilution, but puts leverage and integration risk on existing shareholders.
Market trends, rates, and sector insights
Private Credit at an Inflection Point: Spreads Stabilize, Defaults Rise, and Capital Bifurcates, Q3/Q4 2026 Market Intelligence
Private Credit at an Inflection Point: Spreads Stabilize, Defaults Rise, and Capital Bifurcates
Bond Capital...
Deal structures, strategies and the capital stack
Mezzanine Financing for Growth-Stage Acquisitions: Mapping Subordinated Capital to the Gap in Your Stack
The Gap Every Growth-Stage Acquirer Hits
You have found the acquisition target. The...
Private Credit Fundamentals
Unitranche Innovations: How One Loan Collapses the Entire Private Credit Stack
One Loan. One Rate. Two Very Different Risk Positions.
Walk into a bank to finance a middle-market buyout and you will leave with a stack...
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