Research & Data
BELLINGS research, outlooks, and data for professionals working across the credit markets.
report
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.
report
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.
report
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.
report
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.
report
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.
report
CMBS Delinquency Tracker: Mid-Year 2026
A benchmark-rate context report that does not present unrelated bank-credit data as CMBS performance.
report
Investment Grade Credit: Mid-Year Review
A direct public-market review of U.S. investment-grade option-adjusted spreads and the benchmark Treasury backdrop.
report
High Yield Annual Review 2026
A direct public-market review of broad U.S. high-yield option-adjusted spreads and the benchmark Treasury backdrop.
report
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.
report
CRE Debt Markets Outlook 2026
A benchmark-rate review relevant to commercial-real-estate debt, without property- or loan-level inference.
report
Restructuring Watch: Emerging Stress Signals
A public-evidence monitor of high-yield risk premia and lagged commercial-bank C&I stress.
report
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.
dashboard
Private Credit Monitor
Aggregate direct lending metrics drawn from BDC public filings: weighted average yield, non-accrual rates, leverage, and net asset values across the BDC universe.
dashboard
Leveraged Loan Market Tracker
Loan price index, CLO issuance activity, institutional demand, and spread trends across the broadly syndicated leveraged loan market.
dashboard
CRE Stress Tracker
Commercial real estate delinquency, special servicing rates, and property-type performance metrics drawn from public CMBS and bank regulatory data.
dashboard
CLO Pipeline & Issuance Report
New CLO issuance, reset and refinancing activity, liability spread trends, and manager league tables across the CLO market.
dashboard
Deal Flow Tracker
M&A financing activity, LBO deal volume, direct lending deployments, and capital markets transaction trends across the leveraged finance market.
dashboard
Maturity Wall Dashboard
2024–2028 leveraged loan and high-yield bond maturity schedule by rating, sector, and deal size — the structural refinancing challenge facing leveraged credit.
dashboard
Middle Market Monitor
Middle market-specific spread, leverage, and coverage metrics drawn from BDC filings and regulatory data on bank commercial and industrial lending.
dashboard
Credit Conditions Dashboard
Multi-market credit conditions including the NFCI, investment-grade and high-yield spreads, leveraged loan prices, and bank lending standards — all from public sources.
dashboard
Investment Grade Credit Monitor
Investment-grade corporate spread, Treasury benchmark, and public issuance indicators for tracking high-quality credit conditions.
dashboard
Bank Lending Standards Tracker
Federal Reserve survey measures of bank underwriting standards, loan demand, and lending terms across commercial credit categories.
dashboard
Bank Funding & Liquidity Monitor
Public measures of bank deposits, wholesale funding, central-bank liquidity usage, and balance-sheet capacity across the banking system.
dashboard
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.
index
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.