Activity in the North American leveraged loan market remained steady during the first half of 2026, according to Debtwire data, with overall issuance broadly in line with the same period last year.

Refinancing transactions continued to dominate the market, accounting for USD 766.1bn of issuance during 1H26, up slightly from USD 757.7bn in the same period last year. Leveraged buyout and general corporate purpose financings also recorded year-on-year growth, rising to USD 70.9bn and USD 66.9bn, respectively.

Meanwhile, M&A-related financing excluding LBOs fell to USD 91.7bn from USD 103.4bn, while dividend recapitalizations declined to USD 9.7bn from USD 17.2bn.

Computers & electronics remained the largest source of leveraged loan issuance, although volumes fell from the previous year, while financials, real estate/property and healthcare were among the most active sectors.

Borrower legal advisor rankings

Simpson Thacher & Bartlett retained the top position in Debtwire’s 1H26 North America leveraged loans borrower legal counsel rankings, advising on USD 62.7bn of financings across 44 deals. The firm’s market share increased to 21.16% this year, from 18.80% in 1H25.

Latham & Watkins climbed two places to rank second after advising on USD 42.7bn across 46 deals, the highest deal count among the leading firms. Its market share rose to 14.41% from 10.11% a year earlier.

Davis Polk also moved up two positions to third, advising on USD 35.5bn of leveraged loan financings across 28 deals, increasing its market share to 11.94% from 7.08%.

Paul Weiss ranked fourth with USD 27.5bn across 30 transactions, while Kirkland & Ellis dropped four places to fifth after advising on USD 26.6bn across 27 deals.

Lead bank legal advisor rankings

Paul Hastings climbed three places to take the top spot as lead bank legal counsel in Debtwire’s 1H26 North America leveraged loan rankings. The firm advised on USD 136.4bn across 137 transactions, capturing a 23.25% market share, up sharply from 11.44% in 1H25.

Cahill Gordon, which led the rankings last year, slipped to second despite advising on USD 135bn across 124 deals. The firm’s market share expanded to 23.17% from 18.90%, although it was narrowly beaten by Paul Hastings on deal volume.

Davis Polk ranked third after advising on USD 73.2bn across 64 transactions, while Latham & Watkins placed fourth with USD 73bn across 67 deals. Milbank rounded out the top five, advising on USD 70.1bn across 69 financings.

Largest leveraged loan deals

The largest leveraged loan completed during 1H26 was Warner Bros. Discovery’s USD 15bn refinancing, which closed in June. Debevoise & Plimpton advised the borrower, while Paul Hastings represented the lead bank.

Electronic Arts’ USD 11.9bn financing to support its leveraged buyout ranked as the second-largest transaction of the period. Davis Polk acted as lead bank counsel.

Rounding out the top three was Hologic’s USD 10.8bn leveraged buyout financing. Davis Polk advised the lead bank, while borrower counsel was not disclosed.by Amelia Weitzman

(1) For deals involving multiple law firms, the volume is prorated. For example, a USD 300m deal with three law firms would result in each firm getting credit for USD 100m in volume.