Glossary Category: D

Offer by an issuer to exchange debt at a discount, often to avoid default If you would like to learn more about the financing process,

Debt trading at a discount to par on the secondary market, due to multiple reasons including borrower/issuer challenging or declining performance, adverse news / events

Private loans made directly to borrowers by certain specialized institutional lenders (eg Private Credit funds). Private Credit emerged in the 1990s, however the market for

Probability that a borrower or an issuer will fail to make payments under their debt obligations. If you would like to learn more about the

The amount of capital that has been committed to a private capital fund minus the amount that has been called by the GP for investment.