Published On: September 29th, 2026Categories: Trade Ideas
Private credit is facing its first meaningful test in several years – and BCRED offers an interesting case study. Blackstone’s platform, conservative leverage and more than $17bn of potential liquidity provide substantial protection for bondholders. At the same time, rising non-accruals, NAV erosion and shareholder repurchase requests near 10% require closer attention. In our latest investment case, we examine why the pressure is currently greater for shareholders than for senior bondholders – and why BCRED’s unsecured debt remains attractive around or above T+200bp.
Don’t miss our latest publication! Discover us on www.bridport.ch
