In 2025, the U.S. President initiated the highest increase in trade tariffs in about a hundred years, leading to a potential 30% tariff on all EU exports to the U.S. and a 10% tariff rate for the U.K. Despite the increase, private credit in Europe saw this as an opportunity, not a risk. The initial widening in pricing in the European leveraged loan market and a small margin uptick in the mid-market has since reversed dramatically. There has been an increase in refinancings and dividend recaps in the first half of the year due to the lack of new platform deals.

Please fill out the form to access the full H1’25 review.