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Private Credit Defaults Surge, Echoing 2008 Financial Crisis

9/30/2025

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Summary

Story summary

Rising defaults in the private credit market echo stress seen in 2008.
Bank of America reports historic debt-maturity walls, with 17% of private-credit deals due in two years.
U.S. middle-market issuers need $170 billion to meet obligations, with $160 billion available for direct lending.
The spread to Treasurys is at its lowest since 1998, signaling risk in corporate credit.

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Story summary

Rising defaults in the private credit market echo stress seen in 2008.
Bank of America reports historic debt-maturity walls, with 17% of private-credit deals due in two years.
U.S. middle-market issuers need $170 billion to meet obligations, with $160 billion available for direct lending.
The spread to Treasurys is at its lowest since 1998, signaling risk in corporate credit.