Private credit downgrades persist despite revenue, EBITDA improvement – S&P
Private credit downgrades were driven by pockets of weaker borrowers, but the upper end of the market shows strong fundamentals, the ratings agency said in its latest report

Janus Henderson warns of underperformance in stressed loan market
The asset manager highlighted ‘pockets of fragility’ as the loan markets bifurcate

BlackRock’s EUR 5tn prediction for European private markets
Private credit, infrastructure and private equity are driving European private market investment to record highs

Australian regulator joins chorus voicing private-credit concerns
ASIC has warned of sector failings in Australia’s private-credit market and suggested legal reform

US life insurers increase commitments to CLOs and private credit – Fitch

Alt IM-backed life insurers in the US are increasing their allocations to CLOs and private credit in the search for higher yield

European speculative-grade corporate default rates to decline in 2026 – Moody’s
The rating agency’s annual deep-dive into the refinancing risks facing EMEA non-financial corporates also found an increased urgency for refinancing as the maturity wall draws closer

BDC stock sell off could impact CLO BBs – BofA

BofA Securities warned of the possibility of a tactical sell off in CLO BBs in response to the BDC stock sell off

Private credit adds 2% additional yield for North American insurers
S&P Global predicts growth in insurance allocations towards private credit as the asset class delivers extra yield

Most private credit managers now offer semi-liquid vehicle options—Dechert
The number of private credit products that offer periodic redemptions have increased as more investors, both institutional and retail, demand more liquidity

Rise in BBB fixed-rate CLO tranches in US overtake AAs—Barclays
CLOs tend to prefer floating rate assets, but the percentage of fixed-rate BBBs have ticked up since January 2024

Direct lending stress to remain high despite rate cut – Moody's
A report from BofA also shows that even if interest payment costs ease slightly, the direct lending market faces a high percentage of payment-in-kind deals coming due

Evolving M&A is transforming the capital formation landscape – KKR
'Critical' link between M&A and credit is set to fuel growth in private markets

Private credit secondaries poised for record year
Deals in the market are only getting larger and volumes are expected to surpass USD 18bn this year, a new Evercore report shows

UK and France dominate European CLO collateral – Fitch Ratings
One-third of the collateral behind European CLOs is issued by UK and French companies, as Fitch warns of French downgrade risk

Originator “fix” notices soar following risk retention update – Deutsche Bank
Deutsche Bank reports a surge in “fix” notices following 8 August EBA risk retention update

European BB CLO tranches most susceptible to downgrade – S&P Global
Triple-A tranches demonstrate “significant stability,” according to the ratings agency

Direct lending competition erases refinancing premium
Historically, new LBOs resulted in cheaper pricing, but spreads for refinancing and recapitalization deals have tightened as direct lenders face a lack of deployment opportunities

Private credit deals in India grow 53% year-over-year
Private credit investments in India hit USD 9bn during the first half of the year, according to a new report from EY

Credit quality of European CLOs improved since start of year – Fitch
A new report from Fitch Ratings points toward higher quality CLO portfolio credit in the year to date, despite a lower default recovery rate

Upgrades outpace downgrades in triple C tranches of CLOs in July – BofA
Despite July's reversal, the pace of triple C downgrades remains significant, BofA said, and is expected to reach 8% for triple Cs

Private debt market fundraising shows shift to Europe – Goldman Sachs
Private credit market fundraising has been pivoting to Europe, while global defaults remain below historical averages, according to new research from Goldman Sachs

Default expectations rise as tariff threats to North America deepen – IACPM survey
Credit portfolio managers across the world see tariff-related headwinds for both the US and Canada

US CLO spreads to widen as uncertainty and tariffs bite – JPMorgan
Higher US tariff levels may lead to CLO spreads widening and pressure US CLO market growth, but new origination has been more resilient than expected, according to JPMorgan analysts in their mid-year CLO outlook report

Some LPs wary of retail capital in private market products— Edelman Smithfield
A new survey from the global financial communications advisory firm shows more than a fourth of LPs want private funds managers to keep their capital separate from retail investors

Mid-market CLO rally unlikely to endure — S&P Global
The positive start to the year has been undercut by uncertainty stemming from the Trump administration’s new tariff regime