President Donald Trump’s much anticipated ‘Liberation Day’ sent global markets into a tizzy in April, but how did private credit firms react?

During what we have termed the ‘Deliberation Days’ of Q1, private credit investors were scrambling to mitigate potential tariff risks as best they could but they were also on the offensive.

Elijah Jackson’s latest quarterly report on the state of the market, ‘Good Deal Hunting’, is aptly titled as direct lenders did not shy away from stealing BSL marketshare during the period. And PC firms were also able to pick up an extra 25bps of spread on average — how d’ya like them apples?

David Brooke, 9fin’s private credit editor, sat down with Elijah on this week’s episode of Cloud 9fin to unpack some of the wicked smart moves that lenders made.

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