Private credit, from the borrower’s side of the table.
How the private lending market is pricing today, where the money is being raised and lent across Asia-Pacific, and when private credit is the right route for a company raising debt.
What the market is saying today
Private loans don’t trade, so we read the market through the listed lenders and loan funds that do. Updated every trading day.
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Share price against asset value
Business development companies (BDCs) are US-listed funds that lend directly to mid-sized companies. When their shares trade below net asset value (NAV), investors are pricing in more losses than the lenders’ own valuations show. Non-accruals are loans that have stopped paying interest.
| Lender | Share price | NAV per share (as at) | Price vs NAV | Non-accruals (at cost) | 1 month | Year to date | 1 year · dashed = NAV |
|---|---|---|---|---|---|---|---|
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Loans and high yield
The syndicated loan and high-yield bond markets compete with private lenders for the same borrowers. When they rally, private credit pricing usually tightens too.
| Fund | Tracks | Price | 1 month | Year to date | 1 year | 1 year trend |
|---|---|---|---|---|---|---|
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Who is raising and lending in the region
Fund raises, notable financings and signs of stress across Asia-Pacific private credit, curated weekly with sources. .
How private credit compares
A plain guide to the main ways a company can borrow. Every situation differs; terms depend on the business, the lender and the market at the time.
| Bank loan | Syndicated loan | Private credit | Bond | |
|---|---|---|---|---|
| Typical borrower | Established companies with a banking relationship and hard collateral | Larger companies needing more than one bank can lend | Mid-market companies, sponsor-backed buyouts, growth or special situations | Large companies with a credit rating or strong public profile |
| Speed to close | Moderate; credit committee and documentation | Slower; arranging and syndicating to many lenders | Fast; one or a few lenders make the decision | Slowest; ratings, offering documents and roadshow |
| Cost | Usually lowest | Low to moderate | Higher; investors are paid for speed, flexibility and risk | Depends on rating and market conditions |
| Flexibility | Standard bank structures | Standardised terms across lenders | Tailored: unitranche, delayed draws, payment-in-kind options, bespoke covenants | Fixed terms, hard to amend |
| Covenants | Maintenance covenants, tested regularly | Often lighter for large borrowers | Negotiated case by case; usually tested regularly | Usually incurrence-based only |
| Confidentiality | High | Moderate; many lenders see the information | High; information stays with a small lender group | Low; public disclosure required |
| If things go wrong | Relationship-led workout | Harder; needs majority lender consent | Direct conversation with one or a few lenders | Hardest; dispersed bondholders |
Speed or certainty matters
An acquisition with a deadline, a refinancing that banks can’t complete in time, or a deal where execution risk would cost more than the extra margin.
The structure is unusual
Uneven cash flows, asset-light businesses, holding-company debt, or growth that needs drawable capital over time rather than one cheque.
Banks would lend on standard terms
If a bank or syndicate will lend at standard terms, private credit is usually the more expensive choice. Keep it as an alternative to sharpen the bank terms.
About this data. Share and fund prices are latest closes from Yahoo Finance. NAV per share and non-accrual ratios come from each lender’s latest quarterly results, linked in the table, and are updated after each reporting season. SOFR is published by the Federal Reserve Bank of New York; Singapore’s SORA is on our Markets & FX page.
Important. This page is market information for companies and professionals considering debt financing. It is not investment advice, an offer, or a recommendation to buy or sell any security or fund. Prices can be delayed and may contain errors.
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