Private credit and nonbank finance, measured from the data.
Sascha Steffen directs the Centre for European Transformation and serves on the Advisory Scientific Committee of the European Systemic Risk Board. His research on bank and nonbank lending, including direct lending, bank credit lines to nonbanks, leveraged loans and CLOs, appears in the Journal of Finance, the Journal of Financial Economics and the Review of Financial Studies.
Quarterly default and stress indicators for private credit, built from public filings.
Six indicators of borrower stress, computed every quarter from the schedules of investments that business development companies file with the SEC. US book since 2 November 2026, European book from 14 December 2026. Every number carries its source and vintage.
Current working papers
- Funding Fragility in Direct Lending Sep 2026
- The Cyclicality of Direct Lending Mar 2026
- When Flexibility Becomes Forbearance: Payment-in-Kind in Private Credit Oct 2026
- From Bridge Loans to CLOs to Private Credit: The Transformation of Pipeline Risk in LBO Financing Mar 2026
Regulators and supervisors
- Member, ESRB Advisory Scientific Committee, since 2025
- Presentations 2025–26: Federal Reserve Bank of New York, IMF, ESRB, Norges Bank, De Nederlandsche Bank
- Geneva Report 27, Much Money, Little Capital, and Few Reforms (CEPR, 2024)
- Closed-door sessions for boards and investment committees on private credit exposure
Recent keynotes
- PDI DACH Forum 2026, Munich: Navigating Opportunity through a Shifting Private Credit... 14 Oct 2026
- ANU-FIRN Banking and Financial Stability Meeting, Canberra: Nonbank Lending in Corporate Finance 30 Sep 2025
- Much Money, Little Capital, and Few Reforms: The 2023 Banking Turmoil, Milan: Geneva Report 27, with Ignazio Angeloni; chaired by... 28 Nov 2024
- IV Meeting of Heads of Financial Risk Management in Central Banks, Santiago de Chile: Liquidity Dependence and the Waxing and Waning of... 26–27 Apr 2023
Latest
The Private Credit Radar: what it is, what it shows, and what comes next
The Private Credit Radar reads the loan books of every US BDC that files with the SEC and reports six indicators of credit stress, from valuation marks through payment relief...
Europe's private credit fundraising just hit a record — and ELTIF 2.0 has opened a second fundraising dimension
European private credit fundraising hit a record in 2025-2026, with $65bn raised in just nine months and six funds clearing €10bn, led by Ares Europe VI at €17.1bn....
One email per Radar release
No newsletter on this site. The only list is the Radar release alert at privatecreditradar.eu: one email when a quarterly release is published, nothing else. Commentary appears here and on LinkedIn.
Sign up at privatecreditradar.euFrankfurt School of Finance & Management
Adickesallee 32–34, 60322 Frankfurt am Main
Where to find me
Webinar: Reading the Radar
The first edition of the Private Credit Radar: what the six indicators show at 30 June 2026 and how to read them. The post.
Private Credit Radar, Q3 edition and European book
US book rolled forward to 30 September 2026; European borrowers held by US BDCs as a separate cut.
BAI Private Debt Symposium 2027
Bundesverband Alternative Investments · Scandic Frankfurt Hafenpark. Session to be announced