And who is on the losing end in the bankruptcy? Who keeps underwriting these deals? It used to be syndicated bank loans (often repackaged into CLOs), but now i

And who is on the losing end in the bankruptcy? Who keeps underwriting these deals? It used to be syndicated bank loans (often repackaged into CLOs), but now it is jumbo private credit funds. The banks ended up losing (which is why they are retrenching from this space), but I don't believe private credit is (yet). https://www.ft.com/content/8962a5cc-2c4c-4e18-801c-9ad4e342f1fd https://www.ft.com/content/8962a5cc-2c4c-4e18-801c-9ad4e342f... https://www.wsj.com/finance/fed-rate-hikes-lending-banks-hedge-funds-896cb20b?mod=mhp https://www.wsj.com/finance/fed-rate-hikes-lending-banks-hed...