The New Credit Landscape: Private Credit, Asset-Based Finance, and the Refinancing Cycle

Credit markets are being reshaped by three major forces: a significant refinancing cycle, the expansion of private lending, and growing demand for asset-based financing beyond traditional banks. As borrowers seek more flexible sources of capital, investors are pursuing opportunities across corporate credit, specialty finance, infrastructure, real assets, and other collateral-backed strategies. How are public and private lenders responding to refinancing needs? Where does asset-based finance offer the most compelling risk-adjusted returns? And how should investors manage credit quality, liquidity, and structural risk as the market continues to evolve?