凯雷：2024年信贷市场展望报告：“Never Let Me Go”银行脱媒时代的竞争与机遇（英文版）

Markets rebounded sharply following the November and December 2023 Fed meetings, as the risk of recession receded and rate cuts came into view. Loan and bond issuance set records through the first two months of the year, with credit spreads at their tightest levels since the onset of the pandemic. Much of this activity involved bank-arranged refinancing of loans originated during the period when private credit’s market share increased substantially relative to broadly syndicated loans. Bank d