Illustration by Leon Edler
The Big Take
JPMorgan Traders Are Getting Shut Out of Private Credit Market
Wall Street is struggling to pry open the red-hot asset class and bring trading and transparency to the tightly held loans that have long been off-limits to them.
It’s become something of a running joke in the world of private credit.
About once a month, JPMorgan Chase & Co. traders send out a list of dozens of loans they’re looking to buy and then, on most occasions, fail to get their hands on a single one. It’s not about the price. They’re willing to pay up. The problem is almost no one in private credit is willing to sell, let alone to a Wall Street bank.