Morgan Stanley Dette Privée Europe SLP

The "all-weather" thesis for European private credit still stands. Demand continues to outstrip supply, banks remain constrained, and a substantial illiquidity premium persists. This paper addresses the concerns currently shaping market sentiment: high-profile non-private credit defaults such as First Brands, AI disruption, and BDCs. It also examines comparisons to the 2008 financial crisis and explains why none of these concerns fundamentally alter the investment case.

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Water has long been treated as a cheap industrial input. That assumption is starting to fail. As mines, semiconductor fabrication plants and data centers expand in water-stressed regions, access to a reliable supply is becoming a constraint on growth, permitting and returns on capital.