Discussion Paper
Private Credit and Leveraged Loan Markets: Similarities, Differences, and Substitution
Abstract: Private credit (PC) and leveraged loan (LL) markets are two key sources of financing for below-investment-grade middle-market firms, typically those with revenues between $10 million and $1 billion). Although these two markets have different structures and rely on different lenders, they have become increasingly interconnected in recent years, with some firms seeking financing in both markets.
https://doi.org/10.17016/2380-7172.4133
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https://www.federalreserve.gov/econres/notes/feds-notes/private-credit-and-leveraged-loan-markets-similarities-differences-and-substitution-20260811.html
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Bibliographic Information
Provider: Board of Governors of the Federal Reserve System (U.S.)
Part of Series: FEDS Notes
Publication Date: 2026-08-11
Number: 2026-08-11