Analysis

Moody’s: Direct lenders losing ground to BSL in refinancing wave

The move to broadly syndicated loans portends a battle over ever-growing mega-deals.

Arizona pension sees concerns in default uptick and increased competition

Staff of the $60bn Arizona State Retirement System, a long-time private credit investor, are still mostly optimistic about the asset class amid a push to diversify the programme.

Fitch: Systemic shock could expose private credit’s interconnectedness

The asset class’s growth, alongside spread compression and heightened competition have it approaching bubble status.

Apollo launches private debt sports investment subsidiary

NorthStar’s Al Tylis will become CEO of the venture, which will focus on both debt and hybrid capital investment opportunities.

Janus Henderson sells stake in Victory Park to US life insurer

CNO will take a minority stake in Victory Park and commit $600m to future and existing strategies

Canyon’s latest CLO closings: CLO AUM reaches $11.4bn

Four CLO closings in 2025: six refis or resets as Dallas company seeks to scale.

Carlyle beefs up senior direct lending

Memo outlines new positions to enhance the focus on private credit after a raft of promotions announced in July.

KKR expects M&A revival to speed up credit market development

The relationship is coming into even closer focus now, given innovative financing structures, says influential newsletter.

Mid-market loan recoveries, large corporates, converge

Average mid-market loan and revolver recoveries are down to 66% on a trailing five-year basis.

Texas ERS proposes $400m of private debt commitments in 2026

Texas’s director of private credit highlights concerns over undisclosed issues in GPs’ portfolios.