It is undeniable that underwriting conditions improved at the start of 2023 – but a peek under the hood reveals a much more complex picture.

This is the first in a three-part series taking a deeper look at trends in private credit – and in particular at how the credit characteristics of new loans don’t necessarily compare favorably to those acquired on the secondary market, due to a combination of discounts, diversification and de-leveraging.

Click on the link below to request access to the full article.