Notes from the desk on how credit is being priced and structured, where situations are breaking, and what is changing in the Indian mid-market.
Featured · Capital Structures · Perspective · 12 September 2026 · 3 min read
Senior debt is cheap because of what it demands. The question is not whether you can obtain it, but whether the conditions that make it cheap still hold.
ReadDeep Dive · 12 September 2026 · 7 min read
Two different questions decide a structured credit facility, and most declined proposals answered the wrong one. What each test asks, and where each fails.
Perspective · 8 July 2026 · 1 min read
A promoter facility is not underwritten on the promoter. It is underwritten on what happens to the pledged security in a downside, and how quickly.
Perspective · 29 May 2026 · 1 min read
In private credit the lenders hold different mandates and different views of the same security, so a facility shown to twenty funds is repriced by the least interested of them.
Perspective · 12 March 2026 · 3 min read
Bank retrenchment from complex mid-market exposures has created a structural gap that private credit is now filling, and the terms available to a borrower in that gap depend almost entirely on how the facility is structured before it is shown to anyone.
Perspective · 21 August 2026 · 1 min read
A settlement agreed is not a settlement funded, and the gap between the two is where most one-time settlements in the Indian mid-market actually fail.
Perspective · 15 January 2026 · 2 min read
The tension between statutory completion timelines and lender exit expectations has produced a class of project that is commercially viable and financially stranded, which neither a conventional lender nor an equity investor is equipped to fund.
Perspective · 30 July 2026 · 1 min read
Most multi-lender facilities that collapse do so at documentation, on terms that could have been settled before pricing was ever discussed.
Perspective · 4 February 2026 · 2 min read
The gap between a BBB− and a BBB borrower in the current Indian credit market is not a pricing rounding error, and on a ₹100 crore book it compounds into a figure most finance teams have never put on paper.
Perspective · 17 June 2026 · 1 min read
A concentrated receivable book does not usually stop a company from being lent to. It stops the company from being lent enough.
9 further perspectives
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