国际清算银行：私人信贷抵押贷款（英文版）

Private credit, often associated with uncollateralised lending, has become an important source of corporate financing. With total assets under management now exceeding $1.5 trillion, the private credit market rivals the markets for leveraged loans or high-yield bonds in the United States. Within the private credit universe, direct lending has grown particularly fast. In direct lending, loans are directly negotiated between non-bank lenders and borrowers, and lenders typically hold the loan on