Credit

Private Credit Markets Test Their First Real Downturn

An asset class that grew into a trillion-dollar pillar of corporate finance during a benign cycle is meeting its first genuine stress test, with implications still being priced in.

Private Credit Keeps Expanding Into the Spaces Banks Vacate

Non-bank lenders are absorbing categories of loans that regulated banks no longer find attractive, reshaping how credit is intermediated and where its risks ultimately sit.