HSBC's Song Jin Lee and Tom Russell pointed out in a briefing that the US private credit market faces a higher risk of default than the US high-yield bond market. Private credit refers to loans provided by private credit funds, mostly for medium-sized enterprises. Analysts said, “Private credit attracts companies with lower credit ratings, and these companies may have been able to finance in the open market.” They believe that the credit ratings of companies in the US high-yield bond market are better than those in the private credit market.

HSBC's Song Jin Lee and Tom Russell pointed out in a briefing that the US private credit market faces a higher risk of default than the US high-yield bond market. Private credit refers to loans provided by private credit funds, mostly for medium-sized enterprises. Analysts said, “Private credit attracts companies with lower credit ratings, and these companies may have been able to finance in the open market.” They believe that the credit ratings of companies in the US high-yield bond market are better than those in the private credit market.