The Credit Market Now
Investors are settling into the view that economic effects of the war in Ukraine will be more local than widespread. As the head of equities for a top European asset manager said, “You can draw a correlation map between proximity to the conflict and market impact.”…
▶︎ Read Mar 21 2022 newsletter: here
▶︎ Chart of the Week: here (by The Daily Shot, S&P/LSTA)
(Any “forward-looking” information may include, among other things, projections, forecasts, estimates of market returns, and proposed or expected portfolio composition Past performance is no guarantee of future results. Investing involves risk; principal loss is possible.)
Latest news
Q2'26 BDC analysis shows additional 184 bps of nonaccruals at cost
In a universe of 173 business development companies, or BDCs, Octus identified a total of $9.5 billion of debt (at cost) in nonaccrual status reported in the second quarter of 2026, a slight decline of 5% from $10 billion in the first quarter of 2026.
Reading the Board
The story changes depending on which numbers you’re counting.
Private Credit Defaults 101: Different Numbers, Different Stories
In Season 2 of Billions, Bobby Axelrod takes his lawyer Orrin Bach to an empty Yonkers racetrack in the dead of night.