2021-22 loan vintage faces a default cliff
The speakers argued the 2021-22 loan vintage is one of the worst ever, with a high concentration of defaults already and a looming 2028-29 maturity wall that will drive deep loss severities.
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The Callback
Private credit slowdown threatens debt refinancing cycles
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The speakers highlighted dramatic bifurcation in the loan market, with performing loans at tight spreads but CCC-rated loans trading at historically wide spreads due to poor fundamentals and documentation.
The speakers argued the 2021-22 loan vintage is one of the worst ever, with a high concentration of defaults already and a looming 2028-29 maturity wall that will drive deep loss severities.