๐ Oaktree: What's Going on in Private Credit?
Oaktree's latest memo traces the evolution of the sub-investment-grade credit market since the Global Financial Crisis, focusing on the rise of direct lending and its entwined fate with private equity. The firm flags robust new-issue activity expected in 2026 with default rates likely staying below the long-term average, though supply levels will be a key swing factor for spreads.
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