Debt Capital Markets Update

Latest edition · August 17, 2026

dcm081726

Piper Sandler's weekly Debt Capital Markets Update reports that high-yield bond and leveraged loan issuance reached $7.1 billion and $4.4 billion respectively for the week. Secondary yields for B2/B rated high-yield bonds fell to 6.32% while leveraged loan yields dropped to 8.02%, maintaining a negative 170 bps HY-over-loan spread.

For the week ending August 17, 2026, the high-yield market priced eight bonds totaling $7.1 billion, bringing YTD volume to $168.2 billion (+14.7% YoY), while the leveraged loan market launched eight transactions totaling $4.4 billion (YTD volume at $295.4 billion, down 12.3% YoY). Secondary yields on B2/B rated assets compressed, with leveraged loans decreasing 8 bps to 8.02% and high-yield bonds falling 13 bps to 6.32%. Both asset classes posted positive weekly inflows ($115.0 million into loan funds and $26.5 million into HY funds), while investment grade issuance continued its strong year, reaching $1.25 trillion YTD (+36.1% YoY).

Key takeaways from the latest edition

• 1.The high-yield market priced eight bonds totaling $7.1 billion, bringing 2026 YTD issuance to $168.2 billion (+14.7% YoY in dollar volume).
• 2.The leveraged loan market launched eight transactions totaling $4.4 billion, bringing YTD launches to $295.4 billion (down 12.3% YoY).
• 3.Secondary yields for B2/B rated leveraged loans decreased 8 bps to 8.02%, while B2/B high-yield bond yields fell 13 bps to 6.32%, putting the HY-to-loan yield spread at -170 bps.

What this series covers

• Loan & Bond Yields and Volume
• DEBT CAPITAL MARKETS CONTACTS
• Market Commentary
• New High Yield Bond Issues
• New Leveraged Loan Launches
• New Investment Grade Bond Issues
• Total Debt Volume
• Benchmark Yields

Edition archive

• dcm081726

  August 17, 2026

• dcm060826

  June 8, 2026

• dcm060126

  June 1, 2026

• dcm051826

  May 19, 2026

• dcm051126

  May 11, 2026