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

End-of-year dealmaking accelerated across M&A, private equity, and credit markets, even as Federal Reserve uncertainty, tariffs, and shifting regulations pulled markets in competing directions. With renewed initial public offering exits, record loan repricings, and fierce competition between the broadly syndicated loan and private credit markets, Q1 sets the stage for a volatile but opportunity-rich 2026.

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