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In our note, The rise of private credit: threats and opportunities, published 20 February, we noted that one of the key trends in global financing markets has been the rise of private credit. We considered the implications for RECI. On the upside, i) its business model is reconfirmed by the disintermediation of banks, ii) this should be positive for sentiment, and iii) most of RECI’s competitive advantages relative to banks also apply to private credit funds. On the downside, we note i) competition will increase, marginally as RECI is in a niche position where private credit is unlikely to be active, and ii) credit losses in large private credit funds are likely to adversely affect sentiment.
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