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Debt Capital Markets Update September 21, 2026 | Issue No. 952

The Piper Sandler Debt Capital Markets Update is published weekly and provides a summary and analysis of debt capital markets activity.

Loan & Bond Yields and Volume LEVERAGED LOAN & HY YIELDS BY RATING LEVERAGED LOAN & HY YIELD SPREAD 300 bps Ba2/BB B2/B Ba2 (High Yield) B2 (High Yield) Caa2 (High Yield) 22.00% 250 bps BB (Lev. Loans) B (Lev. Loans) 200 bps

Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 Mar-26 Sep-26

LEVERAGED LOAN & HY VOLUME HISTORICAL MIDDLE MARKET PRICING (1) $800 15.00% Piper Sandler First Lien Index Piper Sandler Unitranche Index

$700 Leveraged Loans Piper Sandler Subordinated Index 13.32% High-Yield Bonds 13.00% $600

5.00% $0 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q

Len Sheer Amrit Agrawal James Chiarelli Bob Lauria Dan Wong Jean Hosty Chris Schultz Dave Armour Shueb Ahmed Global Head of Capital Co-Head of Debt Co-Head of Debt Managing Director Managing Director Managing Director Managing Director Managing Director Managing Director Advisory Group Capital Markets Capital Markets

1) Quarterly survey results of middle market lending institutions, including private credit funds and BDCs pipersandler.com | 1 Source: AdvantageData, PitchBook LCD

Debt Capital Markets Update September 21, 2026

Market Commentary The high-yield market priced five bonds last week, bringing weekly and year-to-date issuance to approximately $4.8 billion and $182.9 billion, respectively. The leveraged loan market launched 13 transactions last week, bringing weekly and year-to-date launches to approximately $17.8 billion and $332.1 billion, respectively.

For B2/B rated issues, yields for the secondary leveraged loan market decreased 0 bp, ending the week at 7.88%, while yields for the secondary high-yield bond market increased 30 bps, ending the week at 6.90%. The yield spread between B2/B rated high-yield bonds and leveraged loans finished the week at -98 bps.

Last week, loan and high-yield funds saw $17.0 million in inflows and $2.5 billion in outflows, respectively. Year-to-date, loan funds have seen $3.3 billion in outflows, while high-yield funds have seen $202.0 million in outflows.

Leveraged loans and high yield bonds include new money issues rated Ba1/BB+ or lower; leveraged loan volume only represents l aunched transactions Source: AdvantageData, Piper Sandler, PitchBook LCD

New High Yield Bond Issues (1) Ratings Amount Lead Company (New Issues) Moody’s S&P Industry ($MM) Maturity Coupon Yield Price Bookrunner Security Sponsor Purpose Clean Harbors Ba2 BB+ Environmental $600.0 9/30/34 6.3% 6.3% 100.0 GS Unsecured Not Sponsored Corp. Purposes TransDigm Ba3 BB- Aerospace $3,000.0 1/31/35 6.8% 6.8% 100.0 MS Secured Not Sponsored Refinancing Novolex B2 B+ Chemicals $750.0 4/15/32 7.9% 7.9% 100.0 UBS Secured MPE Partners Refinancing

Ratings Amount Lead Company (Add-On) Moody’s S&P Industry ($MM) Maturity Coupon Yield Price Bookrunner Security Sponsor Purpose Amsted Industries Ba3 B+ Metals & Mining $250.0 3/15/33 6.4% 6.7% 98.5 JPM Unsecured Not Sponsored Refinancing Ellington Financial B1 NR Real Estate $150.0 9/30/30 7.4% 7.7% 99.0 WF Unsecured Not Sponsored Refinancing

New Leveraged Loan Launches (1) Company Ratings Amount (New Issues < $500M) Moody’s S&P Industry ($MM) Floor Spread OID Arranger Sponsor Purpose Quaker Chemical (TLB) Ba2 BB- Chemicals $400.0 0.00% SOFR+200 99.5 JPM Not Sponsored Refinancing Zest Dental (TLB) B3 B Healthcare $308.8 0.00% SOFR+575 98.5 Citi BC Partners Refinancing

Company Ratings Amount (New Issues > $500M) Moody’s S&P Industry ($MM) Floor Spread OID Arranger Sponsor Purpose Churchill Downs (TLB) Ba1 BB+ Gaming & Hotel $500.0 0.00% SOFR+175 99.9 BofA Not Sponsored Refinancing Authentic Brands (TLB) Ba3 BB- Manufacturing $4,200.0 0.00% SOFR+200 99.0 JPM BlackRock Refinancing PANTHERx (RC) B1 B+ Healthcare $300.0 TBD TBD TBD JPM Warburg Pincus LBO PANTHERx…