The Unicrunch is our US private credit newsletter, in which we break down everything from unitranches to ABL. Sign up below for the inside track on this fast-growing market.

The ongoing swing

The pendulum constantly swings back and forth and depending on when you look either private credit is winning market share from banks or banks are reclaiming their piece of the corporate loan world.

Although this tug-of-war between the two markets has been going on for quite some time, we got a look behind the scenes at a couple of deals this week that went from one debt source to the other. One is M2S, which is turning to private credit after its attempt to raise an $870m loan in the broadly syndicated market struggled to gain sufficient buyside interest.

Direct lenders were not the only ones to score, though. Wesco Group, a paint and equipment distributor backed by BDT & MSD Partners, is pre-marketing a $755m broadly syndicated loan to refinance a private credit term loan, according to 9fin sources.