Juan Delgado-Moreira

Credit Market Outlook

Michael Milken, Ilfryn Carstairs, Pierre de Chillaz, Juan Delgado-Moreira, Lawrence Golub, Robert Petty, Mike Milken

This panel analysis details how global bank retrenchment has created a six-trillion-dollar capital gap filled by non-bank lenders across the U.S., Europe, and Asia, particularly benefiting small and medium enterprises in regions with improved restructuring laws. While U.S. private credit focuses on senior secured floating rate debt to maintain 11–12% returns amid eroding covenants, Asian and European markets present opportunities for value creation through distressed scenarios and significant currency advantages. Industry leaders like Golub Capital and Hamilton Lane highlight a strategic rotation away from junior debt risks toward operational, direct lending structures to capitalize on these structural shifts while managing leverage and currency volatility.