Credit Conditions: The latest private credit and debt market trends | Q3 2025

Welcome to this edition of Credit Conditions, a quarterly publication that analyzes recent debt market trends.

The third quarter of 2025 saw momentum return to the market with M&A deals rebounding, the broadly syndicated loan market roaring back to record volumes, and private credit evolving structurally with new access for retail investors. Yet beneath the surface, mixed macro signals and distress concerns have kept dealmakers cautious.

For more, access our Credit Conditions resource page.