The Unicrunch is our US private credit newsletter, in which we break down everything from unitranches to ABL lending. Find out more about 9fin for private credit here.

Seesaw

We’re all familiar with the story now: bank retrenchment has increasingly seen private credit lenders gain market share in the leverage finance markets over the years. Bank of America estimates that since 2020 around $134bn in BSL facilities were refinanced into private credit, according to a recent report.

This year, the numbers bear out that the narrative has largely continued. YTD, banks managed to snatch roughly $33bn off the hands of private credit lenders, BofA data shows. Conversely, private credit firms have refinanced $40bn from the bank market.