Week Ending May 30, 2026 | Q2 Edition
PEAK Global Capital
Private & Public Capital Intelligence | Week Ending May 30, 2026
Capital intelligence for developers, contractors, lenders, and sophisticated operators.
Seven categories. Real market data. No terminal required.
BENCHMARK RATES | Week Ending May 30, 2026

A modest reversal of the early-May rate backup this week. 5- and 10-year Treasuries easing a few basis points from their mid-May highs — 10-year now at ~4.40–4.50% versus the 4.59% peak. AAA muni benchmarks flat to slightly lower at ~3.10%. SOFR 30- and 90-day averages continuing to drift lower. Credit spreads across IG, HY, loans, CMBS, and CLOs effectively flat. A consolidation week — not a trend reversal.
CATEGORY 1 | Working Capital & Short-Term Credit

Policy rates and SOFR averages essentially unchanged. Working capital pricing driven by borrower quality and risk selection rather than benchmark moves. Small-business and consumer credit conditions sound with modest deterioration — no new repricing catalyst this week.
CATEGORY 2 | Private Credit | Bridge / Construction / Mezz

With only modest changes in Treasury yields and spread indices, private credit, bridge, and mezz pricing holding inside existing bands. CRE loan spreads tighter than 2025 wides and stable through late May. Investors focused on idiosyncratic sector risk rather than system-wide repricing.
CATEGORY 3 | Public Finance | Muni / Districts / CPACE
Land-Secured & Special Districts
Muni Bonds by Rating

After the early-May selloff lifted muni yields, the last week has been a consolidation phase. AAA–BBB yields holding near recent levels alongside a relatively stable Treasury curve. No new improvement but no further deterioration either. Public finance execution costs are stable at post-selloff levels.
CATEGORY 4 | Project Finance | Hospitality / Mixed-Use / Industrial

Project finance coupons anchored by tight spreads and higher-for-longer benchmarks. With the curve roughly flat week-over-week, rates across hospitality, mixed-use, and industrial project loans effectively unchanged. CRE loan spreads tighter than 2025 wides — improvement in refi math intact.
CATEGORY 5 | Tax Credits & Specialized Structures

Tax credit and specialty structures governed by tax policy and balance-sheet capacity — not weekly rate moves. This week's sideways rate action has had no effect on LIHTC, NMTC, HTC, or R&D pricing. Three consecutive quarters of stability. Still the most rate-insensitive layer in any stack.
CATEGORY 6 | Capital Markets | Forward Signals
After the early-May rate backup, credit spreads across IG, HY, loans, CMBS, and CLOs have gone sideways. All-in yields driven by where risk-free Treasuries settle rather than any new change in risk appetite. IG spreads near cycle tights at 80–90 bps. HY OAS in the high-200s to low-300s. Leveraged loan spreads ~480–500 bps. A consolidation market.
CATEGORY 7 | Credit Quality & Delinquency Signals
Q4 2025 FDIC/NCUA/Fed data. Updated quarterly. Historical context included.
Q4 2025 FDIC/NCUA/Fed data. Updated quarterly. Historical context included.
Historical context: C&I peaked 3–4% in 2009; CRE peaked 4–8% in 2009; Construction peaked ~12% in 2009. Current levels elevated vs pre-pandemic norms but well below crisis peaks.
Implications:
  • C&I: Banks tightening for weaker credits; still lending to stronger firms
  • CRE: Office-heavy portfolios under most pressure; lower leverage required
  • Construction: Banks selective, not shut; pre-leasing and sponsor strength critical
  • Credit Unions: Accommodative but structures getting more conservative
Size Segmentation
Community banks (<$1B): Concentrated CRE and construction exposure. FDIC notes pockets of weakness. Gradual increases from post-crisis lows.
Regional banks ($1B–$10B): Rising problem-bank counts but ratios still in normal 1–2% range. Manageable but worsening.
Large banks (>$10B): More diversified. SLOOS shows tighter standards but stable C&I performance expected. CRE quality expected to improve in 2026.
Industry Segmentation
Construction: Elevated vs pre-2019 but far from 2008–2010 peaks. Lenders highly sensitive to sponsor strength and pre-sales.
Hospitality: Higher stress than core property types. More volatile performance.
Retail: Legacy B and C mall under pressure. Grocery-anchored essential retail fares better.
Office: Most stressed major CRE subsector. Persistently elevated delinquency and refinancing challenges.
Multifamily: Up from pandemic lows but manageable. Oversupply pockets exist.
Industrial: Healthiest major CRE asset class. Low delinquency and strong logistics demand.

Higher-for-longer rates and CRE repricing slowly lifting delinquencies — especially in office and small-business C&I. System-wide credit quality still sound with only modest deterioration. Current readings consistent with early-cycle normalization. No systemic stress signals.

SLOOS | January 2026:
- C&I large/middle-market: Modestly tighter standards. Stronger demand.
- C&I small firms: Modestly tighter. Some reducing credit line sizes.
- CRE construction: Banks expect to tighten through 2026.
- CRE non-owner-occupied: Generally unchanged. Banks expect CRE quality to improve modestly.
- Overall demand: Stronger for C&I from larger firms. Stronger for CRE overall.
Cycle Position: Current credit quality sits closer to a 2019-style benign environment transitioning toward a more cautious 2007 pre-crisis stance than to the extremes of 2010 peak stress. Delinquency and PDNA levels are well below crisis peaks but above pre-pandemic norms in CRE, C&I, and construction. Conventional bank financing is available but rationed to stronger sponsors, cleaner assets, and simpler structures. More marginal, highly levered, or transitional deals increasingly need private credit, non-bank construction lenders, and structured tax-credit capital layers to complete their stack.
RATE SNAPSHOT | Week ending May 30, 2026
Cross-category rate summary for the week ending May 30, 2026. All rates reflect current market conditions.
Week-over-week change:
  • Working Capital: Flat — no benchmark movement
  • Private Credit: Stable — spreads holding inside existing bands
  • Public Finance: Consolidating at post-selloff levels
  • Project Finance / CPACE: Flat — curve stable week-over-week
  • Tax Credits: Unchanged — three quarters running
  • Capital Markets: 10-yr easing from 4.59% peak; spreads flat
Rate ranges reflect current private market transaction data as of May 30, 2026. All figures are indicative and subject to deal-specific underwriting.
Who We Serve
PEAK Global Capital | Full Stack Capital Advisory | Atlanta, Georgia
Operators in Turnaround or Growth Capital Situations
Navigating complex capital needs with tailored advisory solutions for businesses at critical inflection points.
Developers Structuring Complex Project Finance
Bringing together the right capital stack — public, private, and tax credit layers — for sophisticated development projects.
Businesses Exiting High-Cost Short-Term Debt
Identifying lower-cost, longer-duration capital solutions to replace expensive MCA and bridge facilities.
Family Offices Seeking Private Market Co-Investment
Providing access to curated private market opportunities alongside institutional-quality deal flow.
Contact PEAK Global Capital
Get In Touch
Jason Thompson
[email protected]
404-933-3243
Private & Public Capital Intelligence
View Weekly Rate Commentary: Private & Public Market Rate Watch
Disclaimer
This rate sheet is published monthly by PEAK Global Capital as part of the Private & Public Capital Intelligence series published by PEAK Global Capital. Rates reflect market conditions as of publication date, are sourced from publicly available transaction data and market intelligence, and are subject to change without notice.
This publication is for informational purposes only and does not constitute a commitment to lend, an offer of securities, or investment advice. PEAK Global Capital is a capital advisory firm and does not provide legal, tax, or accounting advice.