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Public Private Evolution of the credit market

26 May 2026

Since the global financial crisis, credit markets have evolved. 

 

Public credit markets have become larger, broader and more complex – offering a broader spectrum of liquidity, duration and credit risk profiles. At the same time, private credit has become more industrialised and expanded well beyond being a niche segment to cover a wide range of borrowers, structures, and collateral types. Recent negative media sentiment has highlighted the importance of being highly selective and of understanding the underlying structures, risks and trade-offs in what is now a far from homogenous market.

 

As the boundary between the markets becomes more blurred, combining exposure across both public and private markets in a ‘whole of credit’ approach could offer the opportunity for income, enhanced diversification and risk mitigation.

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