U.S. Credit Markets Outlook

Private Credit’s Appeal Amid BSL Competition and Loosening Covenants 

For borrowers in the United States, the appealing attributes of private credit and inherent advantages of broadly syndicated loans (BSLs) add up to more choice when it comes to financing transactions. This info sheet provides key insights into the competing benefits and complex dynamics at play, including:

• What makes private credit so appealing
• How liquidity and lower risk give BSLs an edge
• Where refinancing and restructuring come into play
• Why loosening covenants and a lack of ratings may work against private credit

All of these insights are drawn from the proprietary findings of our full 2025 Credit Markets Outlook. The study is based on a survey of 150 senior executives from alternative asset management firms in the United States and Europe conducted in collaboration with Debtwire.

Download the infosheet now.

For additional insights centered on Europe, download the companion info sheet: European Credit Markets Outlook: Europe Turns to Direct Lending, Emerging Markets for Opportunities