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Central bankers’ rapid-fire rate hikes over the past two years have strained the finances of corporate borrowers, making it hard for many of them to keep up with interest payments.
Some of private credit’s biggest lenders argue such trading would undermine this advantage by forcing them to constantly value the assets on a marked-to-market basis, rather than at their discretion, inviting volatility.
Despite the industry’s ambition, elevated rates and the risk of a worsening economy are pushing many direct lenders to tighten their belts and look for ways to reduce their risks.
Blackstone is among others such as Oaktree Capital Management and HPS Investment Partners in raising ever larger funds for so-called opportunistic credit investing.