The convergence of public and private credit markets is reshaping the investment landscape, creating new opportunities for capital deployment and risk diversification. As the leveraged credit markets evolve, investors must navigate shifting dynamics, including changing liquidity conditions and regulatory frameworks. In a reflationary environment, credit investors can capitalize on rising yields and inflation-hedged strategies to enhance portfolio performance. However, ongoing credit market transitions pose challenges, requiring a deep understanding of their implications for pricing, default risk, and sectoral exposure. Macro insights, including central bank policies and global economic trends, play a crucial role in shaping credit markets, influencing investor sentiment and capital flows. Additionally, the rise of direct lending is transforming traditional financing models, offering borrowers greater flexibility while providing investors with access to higher-yield opportunities. How can investors effectively balance risk and return in the shifting credit market landscape? What role will direct lending play in shaping future credit market structures?