BlackRock slashed the carrying value of a $25m loan to zero at the end of 2025, the latest sign of tension in the credit markets. Photograph: Michael Nagle/Bloomberg
While most of us are watching the Middle East at present, it would be easy to miss what appears to be a burgeoning crisis in one of the most important and most opaque corners of global finance.
Private credit is essentially where non-banks step in to provide
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