Financial Stability Review. Issue 49. Autumn 2025
The private credit market has experienced notable growth in recent years, positioning itself as an alternative to traditional bank financing. Although it still represents a small fraction of total corporate credit—particularly in Spain—its evolution reflects increasing sophistication and diversification, which has drawn the attention of supervisors, who are seeking to implement more rigorous monitoring to preserve financial system stability. In Spain, companies that rely on private credit are mainly in the technology, communications, industrial, and commercial sectors. In addition, they tend to be larger, though not more profitable or more leveraged. The predominant participation of non-bank lenders and foreign capital—especially from the United States and France—highlights the internationalization of the Spanish market and its interconnectedness with the global financial system. Private credit transactions are characterized by larger deal sizes, longer maturities, and higher interest rates than bank loans, and by a different risk profile and greater contractual flexibility. The article analyzes these dynamics with the aim of describing the current state of the private credit market in Spain and its implications for financial stability.
(Document in Spanish)
