Goldman Sachs BDC said its private credit fund’s net asset value per share fell to $12.17 at March-end, down about 3.7% from the prior quarter. The drop followed higher unrealized losses and portfolio mark-downs, with non-accruals rising to 4.7% of amortized-cost loans from 2.8%. The firm argued the moves largely reflect wider market credit spreads, not broad credit deterioration. It also reported $46.5 million in new commitments, $82.8 million in repayments, a 32-cent dividend, and a $75 million buyback plan.
US corporate bond markets are rallying as credit spreads tighten, new issuance picks up, and liquidity stays strong. Investors with cash on the sidelines are rotating into risk assets for higher yields, even with geopolitical tensions in the background. Corporate balance sheets look healthy and earnings trends remain steady, reinforcing confidence.
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Corporate borrowers are increasingly choosing bank loans instead of issuing bonds as capital market yields rise and the cost advantage of bonds fades. The gap between bank lending rates and bond yields has tightened sharply, especially for higher-rated companies, making bank funding more attractive. The shift signals a changing playbook for raising corporate capital.
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