All Loans articles
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White papersMeasuring risk in the private credit markets
The direct lending market has experienced significant growth and has become an important part of institutional investors’ portfolios, offering potentially attractive risk-adjusted returns with higher current income than most fixed income alternatives. For middle market direct lenders (“MMDLs”) such as Principal Alternative Credit (“PAC”), the ability to properly analyze the underlying risk profile of a borrower and protect against principal loss is the primary determinant of future returns.
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VideoDeep dive on CLO equity investing
Alyssa Irving, Fixed Income Portfolio Manager, discusses the CLO equity asset class, highlighting its diversification potential, risk-return dynamics, and the crucial role of managers.
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VideoHigh Yield’s Quality Upgrade
In episode 3, Joe Lynch, Global Head of Non-Investment Grade Credit, looks at what’s behind today’s attractive yields and how the below-investment-grade market has changed over the past 15 years. He discusses why he believes those yields may remain durable and why credit risk continues to be the key risk for investors.
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White papersWebs of AI debt: Unpicking the capital and compute
AI is reshaping credit markets, with debt behind capital expenditure plans moving off balance sheet into opaque structures. Matthias Dettwiler and Greggory Price unravel the thread of interconnections and assess the underlying credit risks.
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VideoThe Data Driving Central Banks
Decision Points is a new video series that looks at the data driving fixed income markets. Bringing together views across Neuberger’s Fixed Income Team, these perspectives offer a closer look at the opportunity set across public and private markets.
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VideoNAV Loans: From Fund Finance to Investment Opportunity
Net asset value (NAV) loans may offer solutions for private equity and benefits for insurers.
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White papersCLOs: from niche to portfolio role
Persistent higher rates, attractive spreads, structural resilience and regulatory change are prompting investors to reassess the role of CLOs in institutional portfolios. ETF structures are also broadening access to the asset class.
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PodcastThe Expanding CLO Opportunity
Barings’ Steve Page discusses the growth of the CLO market, and why an increasingly diverse range of investors are attracted to the asset class
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White papersPrivate credit’s overlooked opportunity: the case for non-sponsored direct lending
Sponsored, direct lending continues to dominate the European private credit market representing approximately 80% of the region’s debt market. The growth of European direct lending is continuing apace with almost €100 billion raised over the last 2 years and total AUM now estimated at roughly €450 billion.
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White papersEuropean Private Loans: Quality by Design
European private loans should not be read as simply another form of private credit. They are better understood as, on average, high-quality investment grade bank lending, with embedded illiquidity premia well suited for a tight spread environment.
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White papersCutting through the noise: Why lower and core middle market direct lending still delivers value in clients’ portfolios
Private credit has become one of the most discussed corners of institutional investing — and one of the most misunderstood. Daily headlines about troubled borrowers, struggling business development companies (BDCs), redemption pressure, and concentrated software exposure have created the impression of a market under stress. But beneath the noise, the lower and core middle market direct lending segment that has historically powered investor outcomes is performing well, behaving as designed, and, in our view, is about to deliver one of its most attractive vintages in years.
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White papersHow U.S. middle market direct lending complements and enhances European portfolios
Direct lending continues to expand across Europe as institutional and sophisticated high-net-worth investors recognize the attractive opportunities available. Demand for private credit, and specifically middle market direct lending, is growing faster than supply, prompting investors to look beyond their domestic markets.
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White papersCutting through the noise: Why lower and core middle market direct lending still delivers value in clients’ portfolios.
A long-form perspective from Principal Alternative Credit on what investors should be watching—and what the headlines are missing—in today’s private credit market.
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White papersCLOs: A More Selective Opportunity Set
CLOs remain supported by resilient fundamentals, strong demand and attractive carry, but compressed spreads and growing collateral dispersion are raising the bar for credit selection, manager discipline and portfolio construction.
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White papersHigh Yield Holding Firm as Opportunities Evolve
High yield bonds and loans remain well supported by resilient fundamentals and strong demand, with attractive all-in yields continuing to drive investor interest even as spreads remain tight.
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White papersWhat investors should watch as private credit market matures
Private credit entered 2026 with familiar momentum: durable investor demand, an expanding opportunity set, and a growing role in institutional portfolios. Yet the first half of the year also brought a noticeable shift in market sentiment. Headlines around redemptions from semi-liquid funds, default activity, and pockets of borrower stress have challenged the perception of private credit as a uniformly resilient and continuously expanding asset class.
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White papersPrivate Credit: An Emerging Silver Lining
Careful deal selection and attention to risk can help investors capitalize on recent market turbulence.
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White papersShifts, myths and monoliths: A clearer view on private debt
Private debt has come under increased scrutiny in recent months. But attention has focused on a relatively small corner of a vast and varied asset class. Here, we set out some of the biggest myths surrounding private debt and explain why the evidence does not support them.
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White papersHow U.S. middle market direct lending complements and enhances European portfolios
Direct lending continues to expand across Europe as institutional and sophisticated high-net-worth investors recognize the attractive opportunities available. Demand for private credit, and specifically middle market direct lending, is growing faster than supply, prompting investors to look beyond their domestic markets.
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White papersPrivate credit is not a monolith
Understanding dispersion across assets, vehicles, and leverage
