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 · Credit · 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.
Read8 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.
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.
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.
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.
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.
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.
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.
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