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

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 

Perpetual nontraded BDC fears are exaggerated—KBRA
Credit quality and liquidity at these semi-liquid private credit funds remain comfortable despite the negative shift in investor sentiment, the ratings agency said  

Maturity wall threatens high-risk AI private credit names – KBRA
Direct lenders are showing an unwillingness to extend maturities for companies that are vulnerable to artificial intelligence or underperforming already 

Majority of LPs expect to mix public and private credit despite liquidity challenges – BSP survey
Within the next five years, 59% of global institutional investors expect to take an integrated approach to public and private credit investments, new research from Benefit Street Partners shows 

Blue Owl takes a hit as ‘retail investors may favor headlines over reality’ – Morningstar DBRS
Offering private market products to retail investors can result in reputational damage even when the terms of the product are respected, the ratings agency wrote

Unitranche deals take off in Europe, setting new record – Houlihan
The European private credit market completed 570 unitranche deals in 2025, marking an all-time high since Houlihan Lokey started publishing its quarterly report

Inflows for nontraded BDCs slow while redemptions rise – Fitch
The negative investor sentiment seen last year for listed BDCs now hits perpetual, non-traded BDCs

Prepare for a swift credit pullback when the bullish run ends – Deutsche Bank
The likely new US Federal Reserve chair may be more hawkish, and the progress made in artificial intelligence could disrupt credits in the software sector, DB analysts warn

Private credit investors chase higher risk-return—Campbell Lutyens
A new survey shows investors are seeking higher returning strategies amid expectations of lower rates, while also turning away from the dominant North American market

KKR confirms lack of exposure to First Brands, rejects concerns about cracks in private credit
In a new investment insight, KKR’s Daniel Pietrzak said that the failure of First Brands and Tricolor does not indicate cracks in private credit 

Individuals account for nearly a quarter of private credit investor base – Alternative Credit Council
The global private credit market grew to around USD 3.5tn in assets at the end of 2024, according to a new report from the Alternative Credit Council and Houlihan Lokey 

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

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

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

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