56% of private credit investors expect 100 bps or less over loans

Fifty-six percent of private credit investors expect spreads of 100 basis points or less over syndicated loans, up from 20% in April 2026, according to a Bloomberg Intelligence survey.

Seventy-two percent of investors expect more deployment into private credit, the survey found, and Bloomberg Intelligence describes respondents as cautious on spreads. More of them expect to add exposure than expect to earn 100 bps or less over syndicated loans.

For advisors who build private credit sleeves, the number that changes is the spread assumed on new commitments. In April, 20% of surveyed investors expected 100 bps or less over syndicated loans; the latest survey puts that at 56%, which implies a thinner premium to underwrite than the spring reading supported.

Appetite to commit more capital is running ahead of confidence in the spread it will earn, 72% against 56%. For an allocator, the open question is where that additional deployment finds its yield if a majority of the same investor base expects to be paid 100 bps or less over loans.