Researcher.

Educator.

Policy Advisor.

Sascha Steffen is the DWS Senior Chair in Finance and Professor of Finance at the Frankfurt School of Finance & Management. His work focuses on private credit and nonbank financial intermediation, combining rigorous research with policy-relevant insight for Europe’s financial system.

Talks about: Private Credit & Nonbank Finance · Financial Intermediation · Banks & Capital Markets · AI-enabled measurement of opaque financial markets

About Sascha

This figure shows the switching of borrowers from the syndicated loan market to private credit together with the "AI-based Competition Score", an AI-based index highlighting competition from the syndicated loan market for private credit lenders. A decreasing index captures less competition from syndicated loans. Both measures are highly negatively correlated suggesting that firms move into private credit when liquidity in syndicated loan markets declines.

Source: Hinzen, Mondini, Rintamäki and Steffen (2025)