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

SEC clarification encourages banks to invest in CLOs
ANALYSIS: US banks could comprise a larger portion of triple-A tranche demand in both the US and European CLO markets and help bring stability

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 

TwentyFour AM favours European CLO equity going into 2026
In comparison, US CLO equity faces more challenges related to LMEs and refinancing activity, the asset manager said

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

Record gross supply but meagre risk/reward ratio for CLOs next year, says JPMorgan in 2026 outlook
The bank is forecasting a new record gross supply figure of half a trillion dollars next year for the US CLO market, but that headline figure belies the ‘recycled’ nature of much of the supply, with new origination expected to decline by around 20%

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

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

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

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

Expanding investor base and ABL will propel private credit growth says BlackRock
The private credit asset class will continue to grow in 2025 as the underlying investor base diversifies and the definition of private credit expands to include asset-backed finance held by private lenders