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A resilient but selective quarter. Capital remains available, but increasingly discriminating
The month's most important transactions were not new. They were old loans coming due, old owners cashing out, and old assumptions being tested
The dot plot moved up, not down, and the easing thesis that underwrote three years of leverage quietly expired. Private credit floats; the bill now stays high
A global regulator spent May examining private credit for the first time as a system, and found its softest spot where the market least wished to look
M&A supply carried the primary market before a March repricing of risk driven by Middle East tensions
