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

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 

North American and European credit defaults to fall next year – S&P Global
Global credit default rates will remain contained next year with North American defaults falling to around 4% 

CLO issuance projected to hit new records in 2026 – KBRA
The ratings agency projects USD 220bn in issuance across US BSL CLOs and private credit CLOs as well as five to six European private credit CLOs next year

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

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

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

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

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

Direct lenders add pricey terms on amend-and-extend deals
Companies negotiating an amendment with direct lenders might find the deal costly as most demand extra fees, payment and security to execute, according to a new survey

Direct lending defaults decline for all except middle market according to Proskauer
Default rates for US direct loans declined to 1.95% in the third quarter of 2024 from 2.71% in the second quarter, according to a new report from law firm Proskauer

Defaults hit 5% YTD for US private debt-backed companies according to Fitch
The monthly default rate for North American private credit-backed companies hit 5% in August, driven by PIKs and interest deferrals

New survey explores middle-market CLO operations
S&P Global Market Intelligence, in collaboration with Creditflux, conducted a study of middle-market CLO managers to assess how specialists are adapting their operations to tap this burgeoning opportunity

Higher interest rates have caused more private credit downgrades, new report says
The lagging impact of higher interest rates is resulting in a sizeable uptick in private credit downgrades, according to a new report from KBRA