Market Leader in Private Credit

KBRA releases its 2026 Structured Credit Sector Outlook, which provides market and performance themes as of year-to-date (YTD) 2025, as well as issuance volume and forecasts for 2026, collateral performance trends, and rating surveillance outcomes.

KBRA's recap of the Private Credit Connect: East conference, held on October 20 at the Eden Roc Hotel in Miami. With up to 720 attendees, the conference reflected the changing tide in the private credit landscape, where direct lenders shared stages and meeting rooms with asset-based financiers and fund finance professionals.

KBRA analyzes 2025 structured credit trends, highlighting strong CLO issuance despite macro volatility, with $184B in new volume by August and renewed summer momentum.

KBRA releases research examining how private credit’s exposure to First Brands Group LLC is minimal. Our analysis also indicates that none of the company’s nearly $6 billion in broadly syndicated loans (BSL) were originated by any private credit direct lending platforms.

KBRA research reviews synthetic risk transfer deals on corporate debt, with U.S. growth expected as banks optimize capital under Fed guidance and Basel 3.

In this report, we unpack the challenges faced by the subsector and assess whether these headwinds could continue the trend of lower recoveries observed in the bankruptcy processes for health care roll-ups in 2024.