Private credit has been on a roll. Last year asset managers raised record sums, with allocations to private credit increasing significantly. With the Fed expected to tighten throughout 2022, we should expect this trend to continue, given the protection these assets offer in a rising rate environment. However, recent supply chain issues have led some to raise concerns over the possibility of slowed growth and even a recession. Has the risk calculus fundamentally changed? Should we expect deals to become more issuer friendly with added covenants? What impact will this have on the public debt market?