PitchBook：2025年第二季度美国信贷市场报告（英文版）

Halfway through 2025, M&A activity continues to underwhelm, falling short of expectations sparked by last year’s US presidential election and hopes for favorable regulatory and tax conditions. Instead, escalating tariffs and policy uncertainty have weighed on deals, disappointing many in the US leveraged loan market. On a more optimistic note, following a rough patch in April, loan market sentiment improved, fueled by a recovery in secondary prices. Newissue spreads tightened to multiyear