Research & Data
BELLINGS research, outlooks, and data for professionals working across the credit markets.
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Credit Markets Outlook: Q3 2026
An evidence-led Q3 2026 view of U.S. benchmark rates, public corporate-credit spreads, and commercial-bank C&I credit-quality proxies, with dated comparisons, scenarios, and limitations.
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Private Credit Annual Outlook 2026
A bounded review of the public funding, spread, and bank-credit backdrop relevant to private-credit underwriting, with no inference about private portfolios.
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The Refinancing Wall: 2026–2028 Maturity Analysis
A public-market monitor of rate and spread conditions that shape refinancing risk; it does not claim a borrower-level maturity wall.
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Middle Market Lending Conditions: H1 2026
A public-evidence review of bank lending rates and lagged C&I loan performance relevant to middle-market credit.
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CLO Market Review: H1 2026
A disciplined public-proxy review of floating-rate funding and below-investment-grade spread conditions relevant to CLO collateral markets.
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CMBS Delinquency Tracker: Mid-Year 2026
A benchmark-rate context report that does not present unrelated bank-credit data as CMBS performance.
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Investment Grade Credit: Mid-Year Review
A direct public-market review of U.S. investment-grade option-adjusted spreads and the benchmark Treasury backdrop.
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High Yield Annual Review 2026
A direct public-market review of broad U.S. high-yield option-adjusted spreads and the benchmark Treasury backdrop.
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Leveraged Loan Market: H1 2026
A public-proxy review of floating-rate funding, below-investment-grade spreads, and lagged bank C&I stress relevant to leveraged finance.
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CRE Debt Markets Outlook 2026
A benchmark-rate review relevant to commercial-real-estate debt, without property- or loan-level inference.
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Restructuring Watch: Emerging Stress Signals
A public-evidence monitor of high-yield risk premia and lagged commercial-bank C&I stress.
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SOFR Transition: Two Years On
A direct review of SOFR, the effective federal funds rate, and bank prime rate under the post-LIBOR reference-rate framework.
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Private Credit Funding Monitor
Source-dated benchmark rates, public credit spreads, and commercial-bank loan performance: the observable backdrop for private-credit financing.
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Leveraged Finance Rate & Spread Monitor
Dated public-market observations for leveraged finance rate & spread monitor, with source-linked histories and clearly defined coverage.
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CRE Financing Backdrop
Dated public-market observations for cre financing backdrop, with source-linked histories and clearly defined coverage.
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CLO Funding Backdrop
Dated public-market observations for clo funding backdrop, with source-linked histories and clearly defined coverage.
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Acquisition Financing Backdrop
Dated public-market observations for acquisition financing backdrop, with source-linked histories and clearly defined coverage.
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Refinancing Rate Monitor
Dated public-market observations for refinancing rate monitor, with source-linked histories and clearly defined coverage.
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Middle Market Financing Monitor
Dated public-market observations for middle market financing monitor, with source-linked histories and clearly defined coverage.
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Credit Conditions Dashboard
Dated public-market observations for credit conditions dashboard, with source-linked histories and clearly defined coverage.
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Investment Grade Credit Monitor
Dated public-market observations for investment grade credit monitor, with source-linked histories and clearly defined coverage.
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Bank Credit Conditions Monitor
Dated public-market observations for bank credit conditions monitor, with source-linked histories and clearly defined coverage.
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Bank Funding Rate Monitor
Dated public-market observations for bank funding rate monitor, with source-linked histories and clearly defined coverage.
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Key Credit Market Indicators
The core indicator set behind the BELLINGS market ribbon — benchmark rates, credit spreads, and bank credit quality measures, with definitions and reading guidance for each series.
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Credit Conditions Index
The methodology behind the Credit Conditions Index chart — what the Chicago Fed's NFCI credit sub-index measures, how to interpret its level and direction, and its track record around past credit cycles.