High-yield collateralized loan obligations (CLOs) issuance reached a six-year high at over $500 billion in 2021 but has since fallen to $70 billion by mid-2023. Unquestionably, rising interest rates and technical uncertainty have created perilous conditions for high-yield borrowers. With the need to refinance approximately $1.1 trillion of potentially underperforming loans before the 2025 maturity wall, there's a looming risk of unmanageable debt burdens. What systemic risks could emerge if market participants are unable to bridge this funding gap? Can private credit help prevent contagion across the global credit landscape? Consequently, how can private credit extend its traditional role in the market?