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The Insight: Conversations – Performing Credit Quarterly 1Q2023

The Memo by Howard Marks

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The Implications for Private Credit

Banks have been curtailing their lending, especially related to large scale leverage buyouts. In early 2022, banks were on the hook for $60 billion of syndicated lending as the rate picture changed materially in such a short timeframe. Armin: I think that in the current uncertain economic backdrop, only the largest and most well-balanced credit platforms will be able to separate out good opportunities from negative ones.

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