Headlines about private credit ‘cockroaches’ and Business Development Company investors running for the hills are a regular occurrence. Just how worried should we be about this burgeoning part of the credit landscape?

Emerging market bonds have been the standout performers recently, with spreads at their narrowest level of the year. Elsewhere, yields in core markets came under marginal downward pressure.

A solid earnings season has helped equities gain ground. Are markets being too complacent?