Credit Rivals Commiserate and Share Toasts at JPMorgan Gathering

There was never a friendlier wrestling match than the one between banking heavyweights and their private credit contenders at JPMorgan Chase & Co.’s leveraged finance conference this week.

The two camps — ordinarily at odds — were practically singing kumbaya together on stage, in private discussions or at packed cocktail parties, commiserating over how hard it is to find fresh deals to finance these days. At a time when competition has never been so tough, leveraged finance players have come to accept one another’s presence in the market.

“Both syndicated loans and private credit lack new product,” Corey Geis ...