JPMorgan traders send out a list of dozens of loans they're looking to buy about once a month and then fail to get their hands on a single one on most occasions. The problem is almost no one in private credit is willing to sell.

New York

JPMorgan has been attempting to establish a secondary market for private credit loans by regularly sending out lists of loans it wishes to purchase. However, the bank has encountered significant resistance, with most private credit lenders choosing not to sell their holdings. This reluctance is attributed to the private credit market's traditional focus on long-term investments and a preference for keeping deals private and illiquid.

While some believe that larger, multi-lender deals could eventually see more trading activity, the majority of stakeholders in private credit remain uninterested in involving big banks like JPMorgan. Market participants suggest that only a significant liquidity event or a surge in mergers and acquisitions might prompt more active trading and greater bank involvement in the future.

JPMorgan traders get shut out of private credit market

private credits whole thing is that it's private and it doesn't trade. And it's got these fantastic returns because it's a long term investment. So why and how are J.P. Morgan and other big banks trying to get into. And what why do they want to be a part of this. Sure. So the banks kind of feel like they're missing out on this whole growth of the private credit markets. Some of them are already like deploying money and just like doing financing deals. But a few of them are also trying to create markets for them for this loan. So J.P. Morgan has kind of like being at the forefront of this. They've been trying to make markets for some of the deals make trades happen. But it really isn't working out as well. Basically because of what you were saying like the lenders wanted to keep it like a liquid and they want to keep it as a buy and hold product. So J.P. Morgan is trying it's sending out what you call these runs runs which is like this list of deals that they want to be part of. They want to trade. And they're not getting much response in return. Have they had any luck as that we know of. They've had some luck but it's like very scarce and the unparalleled between. It's I mean mainly the issue is that like the lenders that hold it don't want to sell and everyone wants to buy. So there's no inventory to move around. And even if you try to do you find a seller and you find a willing buyer like the sponsors the private equity firms that own those companies still have to consent to those traits. So it's just like really hard to make any trade happen. So J.P. Morgan and other big banks want to create a secondary market. But the stakeholders involved don't necessarily want that. They like things the way it is. And a big part of this is this has been very lucrative for these non-bank lenders. Private credit overall. And the big banks they weren't able to partake in this because of regulation. Yeah that's true. And I think like this is kind of what banks do. They're trying to create markets. They do. They've done this with any other public market. And that's like a big chunk of like J.P. Morgan's business. So it's normal and it's not surprising they're trying to do this now. What's kind of interesting is that they're getting this much pushback and that it's not really happening. Absolutely. So what do the private credit lenders say. What's their feedback to a bank like J.P. Morgan that's trying so hard to get into this. I mean there's many opinions. But some people just say they don't need the banks they give. They want to sell a loan. They can just do it among themselves because they kind of know everyone and they know the sponsors and they've been operating in this way for years. So why would they want an outsider coming in. And there's other people that do think that eventually some loans will trade but they won't be. It won't be like the whole market. It'll be like the really big multi-billion dollar deals that have like maybe 20 lenders in them. So eventually someone will want to sell. But that doesn't mean that they will go through J.P. Morgan for it necessarily. What do you think would be the catalyst for something more something bigger to open up where the big banks kind of become more important players more pivotal players in the private credit world. Well I think there are a few things need to happen. Like basically what a lot of people are saying is that we would need to see some type of credit event like some liquidity need like lenders suddenly need to like sell some of their holdings and get them out get some returns in. And maybe they'll turn to like a bank like J.P. Morgan for that because they already do a lot of business with them. Maybe if there's a huge pickup in M&A and some sellers some lenders want to get out of some old deals and they want to buy new ones maybe we can see a little bit more of a catalyst there. But I'm not sure if it's going to be like something that changes everything. It may be more like slowly happening. OK. An evolution rather than immediate.

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Kyiv

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