Bloomberg Surveillance · Tuesday, September 15, 2026
Sinjin Bowen raised concerns about the opacity of the private credit market, where a significant amount of credit has been created without clear valuation or disclosure. He questioned whether the underwriting standards have been responsible and how this market will perform if a recession occurs, given that much of this credit was issued during a period of economic strength.
“Well, first of all, there's been a lot of private credit that's been created over the past five and ten years.”
“It's worth par according to most marks. And so, but just by the sheer nature of private credit, that is opaque in terms of financial disclosures and being able to aggregate that up to a more macro view.”
“And so it's hard to know if the underwriting standards across all of that credit has been created in a responsible way and is priced appropriately.”
“And I would say that A lot of that credit has been created at times when the economy has been performing very well. And so if we do get even sort of a garden variety recession, how does all of that behave through that time period?”