Blackstone Secured Lending: My Top Pick Among BDCs

2026-04-23 10:30:52 ET

Macro Headwinds In Private Credit

As I write these lines, the Strait of Hormuz has been effectively closed for 53 consecutive days. It is impressive to see how calm global financial markets have remained so far, considering that global oil supplies have been curtailed by approximately 13 million barrels per day since the start of the conflict. Just a few hours ago, the German airline Lufthansa announced plans to cancel 20,000 short-haul flights over the summer in response to surging jet fuel prices. On April 20th, the credit rating agency Fitch also published a note mentioning that the Iran war and software disruption are the two biggest risks facing U.S. credit markets. As discussed in my previous article about FS KKR ( FSK ), those risks should also be front and center in the mind of anyone involved in private credit. ...

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