<div id="readability-page-1"><div> <div><figure> <img width="740" height="493" src="https://imageproxy.pbkrs.com/https://arizent.brightspotcdn.com/dims4/default/78f4624/2147483647/strip/true/crop/4496x2997+0+0/resize/740x493?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" original-src="https://imageproxy.pbkrs.com/https://arizent.brightspotcdn.com/dims4/default/78f4624/2147483647/strip/true/crop/4496x2997+0+0/resize/740x493"/> <div> <p>Daniel Acker/Bloomberg</p> </div> </figure></div> </div><p>Signs of elevated stress are emerging within the $1.7 trillion private credit market as default rates are rising and more borrowers are choosing to defer cash interest payments, according to a Bank of America<span> <span> <span></span> </span> </span> Corp. report.</p><p>Private debt default rates remain higher than those in public credit, analysts wrote in the Thursday report, though metrics vary widely depending on datasets. Realized losses across business development companies — a popular vehicle for private credit funds — hit more than $1 billion in the second quarter, the highest dollar value since the pandemic, Bank of America said in its report.</p><p> Losses have increased since the Federal Reserve started raising interest rates in 2022, &#34;suggesting portfolio companies continue to struggle with interest costs.&#34;Business development companies are also carrying an additional $1.3 billion in unrealized losses, mostly from loans originated in the low-rate environment of 2021, according to the report. </p><p>As rates aren't expected to drop to 2021 levels, these &#34;problem vintages are likely to trigger further credit losses,&#34; Bank of America said in the report.Bank of America also highlighted so-called &#34;bad&#34; payment-in-kind deals, defining this as borrowers that started deferring interest payments during the life of the loan as opposed to when the debt was first put in place. Bad PIK deals represented 2.5% of BDC holdings in the second quarter, the bank said.</p><p>In private credit, debt maturity walls are also at historic highs with 17% of deals coming due in the next two years, meaning that US middle-market issuers will need about $170 billion of capital over that period. That includes around 30% of all PIK loans, which could be a challenge for companies unable to pay interest.</p><p>To be sure, with about $160 billion of dry powder earmarked for domestic direct lending strategies, these upcoming maturities shouldn't pose major threats, the bank said in the report.</p><p>© 2025 Bloomberg L.P.<br/></p></div>

美国银行

<p>美国银行的一份报告显示，1.7 万亿美元的私人信贷市场压力上升，违约率增加，借款人推迟现金利息支付。私人债务的违约率超过公共信贷，第二季度报告的实际损失超过 10 亿美元。商业发展公司面临 13 亿美元的未实现损失，主要来自 2021 年低利率环境下发放的贷款。此外，17% 的交易将在未来两年到期，需要 1700 亿美元的资本，尽管有 1600 亿美元的可用资金用于直接贷款</p>

Private credit facing 'clear signs' of rising stress, BofA Says

- 私人信贷市场面临压力，违约率上升，借款人推迟现金利息支付。  
- 商业发展公司在第二季度的实际损失超过 10 亿美元，创疫情以来新高。  
- 未来两年内 17% 的交易到期，需约 1700 亿美元资本，可能对公司构成挑战。  

美国银行称，私人信贷正面临压力上升的 ‘明显迹象’