JLL’s recently released Global Bid and Credit Intensity Indices shows that credit markets are supporting transaction velocity, investor conviction is overcoming macroeconomic uncertainty and lenders continue competing to place capital.
The gap between the indices peaked in May 2026 and has steadily narrowed since, “indicating stronger alignment between financing availability and transaction execution,” JLL said.
Investor Implications
Here’s what the data means for investors:
Open liquidity window. Capital markets have moved beyond recovery and into expansion, JLL said. Buyers are benefiting from competitive financing terms that remain historically attractive despite recent yield movements. At the same time, sellers are seeing more investors with greater certainty of deal execution.
Better borrower leverage. Increased lender competition is creating “tangible advantages in deal structuring, pricing and terms,” JLL said. Despite recent increases in Treasury and bond yields, the cost of capital and overall credit environment remain favorable.
Sustainable market alignment. Liquidity and sales markets are becoming better aligned, creating a functionally healthier market. “Buyers can underwrite with greater confidence in financing execution,” JLL said, while sellers start transactions with deeper bidder pools. Lenders, meanwhile, are able to originate loans with greater visibility into refinancing strategies.
What to Look for in H2 2026
JLL described current conditions as a “rare combination” of deep liquidity, competitive financing and motivated buyers and sellers. The Bid and Credit Intensity indices suggest that this environment could persist through the end of the year.
Still, macroeconomic pressures remain. “Decisiveness will increasingly differentiate successful execution from missed opportunities,” JLL said.
Investors should watch whether the weight of available capital continues to offset elevated bond yields, how sector-specific cap-rate adjustments evolve as underwriting is recalibrated.
Investors should also keep an eye on whether yield volatility creates new divergences between credit and investment-sales markets.
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