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SPECIAL REPORT

H1 2026 Capital Markets Radar Report

Gain a data-driven view of capital markets activity in the first half of 2026 (H1 2026) with insights from Noetica, part of Thomson Reuters.

The H1 2026 Capital Markets Radar Report gives legal professionals a comprehensive, terms level analysis of thousands of capital markets activity from the first half of the year. Produced by Noetica, part of Thomson Reuters — it empowers transactional attorneys to anticipate market shifts, benchmark with precision, and negotiate with confidence.

This edition confirms a market moving decisively in lenders' favor. Creditor protections that once read as aggressive asks are now standard: J. Crew language reached 50% of deals, anti-PetSmart terms hit new highs, and once-rare blockers — Envision, Wesco/Incora, LME omniblockers — are climbing together as lenders close every liability-management door at once.

Yet borrowers aren't losing ground. Earnings before interest, taxes, depreciation, and amortization (EBITDA) addbacks above 20% rebounded to 50%, and market cap dividend terms set a new high.

Understanding which terms parties are willing to trade tells us exactly what market players are prioritizing, in real time.

Why legal professionals rely on Capital Markets Radar:

  • Comprehensive, quarter over quarter benchmarking across every major deal term
  • Expert analysis connecting term trends to the cases and market forces driving them
  • A forward view of what to watch, from blanket protections to the 2028–2029 maturity wall

Access the complete report today.

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