While credit markets continue to serve as a vital source of liquidity, the looming maturity wall presents both risks and opportunities for investors. With modest rate cuts anticipated through 2025, investors must consider how these dynamics will shape the credit landscape and their strategies moving forward. While the private credit market has enjoyed its fair share of growth and maturity, increased bank lending activities have signalled recovery in the broadly syndicated loan market, which could challenge the status quo. Is it a zero-sum game between both? What are the key considerations for private debt in a tenuous macroeconomic environment? What are some of the challenges facing this asset class that might be flying under our radars, and where are the bright spots?