Pace of improvement in credit quality slowing down – KBRA
KBRA’s second-quarter Private Credit Middle Market Compendium found evidence of mounting pressure building across the market, with median revenue and EBITDA compound annual growth rates declining to 12% and 24% respectively, from 13% and 27% in Q1

US CLO issuance may slow despite favorable NAIC guidance
EXCLUSIVE: New guidance is favorable to US insurers buying triple-A, double-A and single-A tranches, but will not beat the current supply-demand dynamics and poor arb, BofA CLO research chief says

Year-to-date US CLO performance tops global fixed income products – Janus Henderson
US CLO triple Bs have outperformed all other fixed income sectors in the year-to-date and will likely continue to perform well in a higher interest rate landscape, according to new research from Janus Henderson

Most BDCs can survive liquidity stress test – Moody’s
Moody’s Ratings has conducted a stress test on the BDC sector which concluded that liquidity remains sound

Private credit and direct lending to grow their share of the loan market—LMA report
A new LMA survey of 234 loan market professionals found that 43% believe private credit and direct lending will grow their share of the EMEA loan market by 2040

Strategic buyers increasingly facilitate exits of private credit lenders—Morningstar
The ratings agency observes in a new report that private credit borrowers sold to strategic buyers are starting to drive a larger portion of its credit ratings discontinuations

Private credit vulnerable amid tightening financing conditions – Bank of England
The central bank is also keeping a close eye on AI-related companies’ increasing use of debt, including private credit

AI outlook one of several key macro calls for investors – BlackRock midyear forecast
‘Scarcity versus abundance’ forms the key theme for the BlackRock Investment Institute midyear global outlook, which was published on Tuesday following the institute’s two-day forum earlier in June

LPs press pause on private credit allocations as demand cools—Coller
Fewer institutional investors plan to increase their private credit allocation targets over the next 12 months and some are worried about systemic risk, according to a survey conducted by Coller

Structural advantages of CLO equity make it more valuable—Sona
Despite recent investor anxiety about falling CLO equity returns, the asset class still holds value, according to a new report by Sona

BDC portfolio stress may be overstated – Moody’s
BDC portfolios may be exhibiting less stress than recent headlines might suggest, as a Moody’s analysis finds that many discounted positions do not represent significant valuation deterioration

Fitch warns on credit risks for European CLOs coming out of RPs
Fitch has warned that European CLOs coming out of their reinvestment period could be vulnerable to market shocks due to asset depreciation and an inability to sell out of the lower mezz tranches

US private credit CLO performance shows resilience—S&P
A new report from S&P Global Ratings shows US private credit CLO performance continued to show resilience in April, despite negative headlines

Older, US direct lending funds hold more equity positions, adding risk – MSCI
EXCLUSIVE: Around 15% of the total assets across US senior direct lending funds tracked by MSCI are equity positions of some kind, MSCI head of private credit research Patrick Warren told Creditflux

ECB warns of private credit cross-border risks, opacity
Private credit in isolation poses limited risks to financial stability, but the European Central Bank says it is still concerned about spillover

Around half of private credit originators use AI tools—Armentum
EXCLUSIVE: Nearly all of the 150 private credit managers surveyed by Armentum Partners this year said they use AI for research, and around 20% are specifically using AI tools as part of underwriting

CLO managers push for index-linked discount obligation thresholds
European and US CLO managers are changing their discount obligation language, according to a new report by Dealscribe 

Leveraged loan price bifurcation widening — S&P
A growing distressed tail is trading below 80, while other loans are trading above par, pressuring CLO investors and managers

European credit spreads remain resilient — BlackRock
Healthy fundamentals and low default risk means that European credit spreads are showing resilience, at least for now, according to BlackRock’s latest fixed-income outlook

Bank loan growth driven by lending to private credit and other funds—S&P
Total loan growth in the US banking system was driven by lending to nonbank financial institutions like investment funds from 2024 to 2025, the ratings agency found

Private rating defaults hit record high – Fitch
The US private credit default rate increased to 5.7% in the trailing 12 months ending 1Q26, while the downgrade-to-upgrade ratio for Fitch’s privately monitored private credit ratings portfolio hit 6.3x in the first quarter, the highest level since the second quarter of 2023

Credit issuance pipeline continues to build despite temporary pause—KBRA
Issuance will be ready to resume once the market stabilises, according to Gordon Kerr, European macro strategist at KBRA

NAV lending concerns abate, borrowing costs decline – survey
Survey respondents in the Haynes Boones fund financing report said pricing for net-asset-value loans and subscription lines has come down in 2025 compared to 2024 

European CLO equity returns under pressure—BofA report
A challenging situation in the loan market means CLO managers may have to reinvest recoveries at unfavourable cash prices

Iran War to increase corporate default rates globally — IACPM Survey
Though the credit market is absorbing new leveraged loan issuance amid geopolitical uncertainty, credit managers expect the war to drive a rise in defaults