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English 한국어 Credit Market Analysis by Oaktree Capital I will provide a detailed and professional explanation of the current dynamics in the credit market. According to recent analyses by Oaktree Capital, the central theme currently defining the credit market is "dispersion." This refers to a severe bifurcation in asset performance, heavily dividing the market into "haves" who can easily secure mainstream financing at competitive levels, and "have-nots" who are trading at outsized spreads and urgently require complex capital solutions. This intense bifurcation is most visible across different credit rating bands. Loans rated CCC have seen no let-up in market pressure, with spreads widening by more than 300 basis points this year, pushing their yields to nearly 25%. Furthermore, the leverage on these highly vulnerable CCC-rated loans has consistently crept higher. On the opposite end of the spectrum, higher-qual...