Has private credit’s golden age already ended?
Illustration of a man's profile wearing a laurel wreath with money instead of leaves, the money is falling off. Drawn in the style of greek pottery
2024-06-13 768词 中等
America’s $4trn leveraged-finance market now comprises junk bonds, leveraged loans and assets managed by private-credit firms, in roughly equal proportions. Yet owing to fierce competition to refinance debt and fund scarce new deals, private credit’s prospects may no longer dazzle. The industry’s fondness for ancient Greece (two big lenders are called Apollo and Ares) seems not to extend to the work of Hesiod. If it did, fund managers would know that what follows a golden age is not a platinum one, as with American Express cards, but the descent into a grim iron age.
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