PitchBook-美国私人信贷监测（英）-2025.7_35页_635kb

US Private Credit Monitor July 2025 Summary

Overview

• Volume and deal activity for direct lending slowed compared to 2024, with a year-over-year decline of 20% in volume and 26% in deals.
• Activities tied to private equity backed off (direct lending fell by 20%) , lagging 2024's pace, due to a slower second quarter.

Competitive Dynamics

• Spread compression continues with stronger competitive pricing overall, especially targeting high-yield opportunities.
  • Borrowers benefited from $14 billion in refinance transactions into broadly syndicated loans in the past quarter.
  • The two leading syndicated loan (BSL) and private credit market continue competing for the same deals, with BSL notably gaining advantage recently.

Refinancings and Recapitalizations

• Refinancing and recapitalizations remain a key trend in July, highlighting borrowers’ strategic responses to economic headwinds from tariffs impacting specific tech sectors.

Wrap-up

• Activity across key commercial sectors like Tech and Healthcare led the debt deployment for this period.
• Despite headwinds, overall optimism in private credit circles suggests a strengthening of deal volumes, though spread compression and competition portend cautious future growth.