Fifth Street Finance Corp. (NYSE:FSC) released its October newsletter. The increase in market volatility that began in August with the U.S. debt ceiling showdown has continued into October, fueled by fears of a full-fledged European banking crisis. Although the European policy response remains unclear, one thing is not - a significant global deleveraging process will accelerate. The impact on transactions in middle market lending can be divided into a pre- and post-Labor Day world, characterized by a re-pricing of the supply of credit.

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