Private Credit Reset: BDCs, Defaults and AI Fears
Know More. Risk Better. Podcast | Season 10, Episode 13
In this episode of the Know More. Risk Better. podcast, the discussion explores whether private credit is facing a true turning point or moving through a cyclical reset amid rising scrutiny, BDC redemptions, and shifting return expectations. Winnie Cisar is joined by Andrew Hedlund and Zachary Griffiths to unpack recent stress in private credit markets, the role of software and AI‑related concerns, and how deal flow, valuations, and underwriting standards are evolving. The conversation also examines the implications for public credit markets, bank and insurance exposure, and what investors should monitor to assess broader systemic risk. Gain timely, market‑driven perspectives to help investors better evaluate private credit dynamics shaping fixed income and leveraged finance conditions.
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Speakers:
Winnie Cisar, Global Head of Strategy, CreditSights:
Winnie leads strategy coverage across credit markets, specializing in high yield, investment grade, leveraged finance, and new issue forecasting with a focus on technical and fundamental market drivers.
Andrew Hedlund, Managing Editor, LevFin Insights:
Andrew covers U.S. private credit and leveraged finance, with more than a decade of experience reporting on corporate credit, bankruptcies, and restructurings.
Zachary Griffiths, CFA, Head of IG & Macro Strategy, CreditSights:
Zachary leads U.S. investment grade and macro strategy, bringing expertise in financial markets and economic implications.
Timestamps:
00:00 – Introduction
02:35 – Golden age of private credit
05:20 – Recent credit market stress
09:39 – Software risk and AI fears
15:50 – BDCs and retail exposure
24:19 – Deal flow and valuations
31:46 – Systemic risk watchpoints
38:24 – Conclusion & Key Takeaways
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Private Credit Reset: BDCs, Defaults and AI Fears
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