The leveraged finance market has brought a rollercoaster of emotions in 2025. The high levels of activity that characterized the start of the year returned again in the third quarter, as conditions continue to become more borrower-friendly. However, market uncertainty persists amid brewing geopolitical tensions and tariff developments. Will we see continued momentum and a possible revival of M&A activity, or will the markets fall back into the shadows?
Learn more about third-quarter performance and trends shaping the leveraged finance market in our latest report.
William Blair Leveraged Lending Index
Each quarter we ask middle-market lenders to rate overall conditions in the leveraged finance market on a scale of 1 to 5, with 5 being the most borrower-friendly conceivable.
