2025 Midyear Outlook: US Leveraged Loan & Private Credit

Marina Lukatsky is a senior director and global head of credit and US private equity research, and leads the firm’s coverage of US and European leveraged loan, high-yield bond, and private credit markets. Lukatsky is responsible for developing analytics and commentary detailing trends in the global leveraged finance market. She leads a team of analysts producing weekly, monthly, and quarterly research content covering the leveraged loan and private credit markets, and regularly contributes analytical commentary to LCD News and quarterly research reports covering a wide range of leveraged loan and private credit trends.

Lukatsky holds an MBA from New York University and a bachelor’s degree in Finance from Pace University. She is based in PitchBook’s New York office.

Abby currently writes about middle-market loans and private credit for LCD. She started at LCD in 2004, writing about high-yield bonds, later turning her attention to distressed debt during the credit crisis. From 2009 to 2013, she wrote about Asia-Pacific credit markets for LCD, while based in Hong Kong. Prior to S&P Global, she was with Reuters, first as a correspondent in the Nordic region and then as a copy editor based in London.

Kenny Tang joined PitchBook in May 2025 to lead its US credit research efforts, spanning credit markets and covering all aspects of the credit cycle. Previously, Tang was a director of leveraged finance and debt recoveries at S&P Global Ratings. He has presented at numerous webinars and conferences over the years and has published high-profile research on leveraged finance, distressed credits (including bankruptcies and liability management transactions), debt recoveries, and sector-specific trends. He was a senior voting member of S&P’s corporate rating committees, spanning across sectors.

Earlier in his career, Tang served as a debt workout/restructuring officer, portfolio manager and financial analyst, respectively, for various major financial institutions, including HypoVereinsbank (now UniCredit), BNY Mellon, Webster Bank and Fleet Bank (now BofA). His portfolios have primarily focused on mid- to upper middle-market borrowers spanning across sectors.

Tang holds an MBA in Finance from Bentley University, a Bachelor of Science in Finance from Central Connecticut State University, and a Real Estate Development Certificate from Cornell University.

John has written about the financial markets for more than 20 years, including coverage of the high-grade corporate bond markets since 1993. Prior to joining LCD in May 2011, John wrote for Reuters and Thomson prior to their merger, as well as IDEAglobal.

Tim has been with LCD since 2001. He was the first to edit LCD’s news and analysis, and oversee the development of the lcdcomps.com news platform. He went on to manage the group’s IT team and application development, and he later directed LCD’s social media. Prior to joining LCD, Tim spent eight years as managing editor at LPC Reuters, where he edited the company’s flagship Gold Sheets publication, ran the US and London editorial groups, wrote news stories and oversaw league tables. Before LPC, Tim was managing editor of Bank Loan Report, where he wrote news and feature stories. He also contributed to its sister publication, Investment Dealers’ Digest.