Taking the Credit — Dicing with repricing


Market Wrap

Taking the Credit — Dicing with repricing

Josie Shillito's avatar
  1. Josie Shillito
4 min read

It’s not just anecdotal. Margins in private credit headed south in 2023, and the fundamentals for this downward pressure are growing in 2024.

As 9fin’s full year analysis of 2023 reminds us, Italian business management software provider TeamSystem, Adevinta, GGW, and French engineering software firm Sogelink all priced with spread of under 600bps in Q4 2023. 

And, with news that energy consultancy veteran of the syndicated markets, Veritas-backed Wood Mackenzie, is refinancing its private credit debt in the BSL market, the question we’re all asking is — should private credit proactively reprice its debt to ward off BSL reverse enquiries? And if so, what to?

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