Private Credit Deals Dry Up in Rout With Pipeline Out of Reach

The U.S. direct lending market is largely shuttered, as private debt firms take aim at answering investor queries and seeing how much of their credit portfolios may be impacted by the coronavirus pandemic.

Financing transactions that were far along in the process before the global rout -- and specifically tied to acquisitions or buyouts that need to get done -- are likely to still get completed, but new deals are on ice for now, according to an informal survey of five U.S.-based direct lenders.