or "Banker og private credit". I'll use "Bankernes engagement i private credit".
Paragraph: "Executives at Citigroup, Bank of America, and Wells Fargo used nearly identical language to describe their private credit exposures as 'comfortable.' JPMorgan alone carries roughly $50 billion in private credit exposure. Wells Fargo's 'financials except banks' portfolio totals $210.2 billion, which includes $36.2 billion in direct private credit exposure. Earlier disclosures from three major US banks had put private-credit-related financing exposure at roughly $108 billion, meaning the figure has grown."
Translation: "Ledende medarbejdere i Citigroup, Bank of America og Wells Fargo brugte næsten identisk sprogbrug til at beskrive deres private credit-eksponeringer som 'komfortable'. JPMorgan alene har en private credit-eksponering på omkring 50 milliarder dollars. Wells Fargos portefølje 'financials except banks' udgør i alt 210,2 milliarder dollars, hvilket inkluderer 36,2 milliarder dollars i direkte private credit-eksponering. Tidligere oplysninger fra tre store amerikanske banker havde angivet den private credit-relaterede finansieringseksponering til omkring 108 milliarder dollars, hvilket betyder, at tallet er vokset."
Note: "financials except banks" is a category name, keep in English or translate? I'll keep as is with quotes.
Next: "The Boston Fed has found that banks have become a key source of funding and liquidity for private-credit lenders through subscription facilities, revolving credit lines, net asset value loans, and warehouse financing. That makes the banks' comfort level a central question as the market matures."
Translation: "Boston Fed har fundet, at banker er blevet en vigtig kilde til finansiering og likviditet for private credit-udlånere gennem tegningfaciliteter, revolverende kreditlinjer, net asset value-lån og lagerfinansiering. Det gør bankernes komfortniveau til et centralt spørgsmål, efterhånden som markedet modnes."
Note: "subscription facilities" -> "tegningfaciliteter" (or "subscription facilities" kept? I'll use Danish term). "revolving credit lines" -> "revolverende kreditlinjer". "net asset value loans" -> "net asset value-lån". "warehouse financing" -> "lagerfinansiering".
Next:
BDC Losses Mount
->
BDC-tab stiger
Paragraph: "The Reuters analysis of 53 BDCs — a common vehicle for private credit — paints a different picture. Average profit among the group collapsed from positive $26 million to negative $7.6 million year-over-year. Payment-in-kind (PIK) income, where interest is paid in additional debt rather than cash, accounted for an average of 8.1% of BDC interest and dividend income in 2025, roughly double its pre-2020 share. That suggests borrowers are struggling to make cash payments."
Translation: "Reuters-analysen af 53 BDC'er – et almindeligt instrument for private credit – tegner et andet billede. Den gennemsnitlige profit i gruppen faldt fra positive 26 millioner dollars til negative 7,6 millioner dollars år-over-år. Payment-in-kind (PIK)-indtægt, hvor renter betales med yderligere gæld i stedet for kontanter, udgjorde i gennemsnit 8,1% af BDC'ernes rente- og udbytteindtægt i 2025, omtrent det dobbelte af andelen før 2020. Det tyder på, at låntagere har svært ved at foretage kontante betalinger."
Note: "Payment-in-kind" keep as is with abbreviation.
Next: "At 14 BDCs with complete joint-venture disclosures, off-balance-sheet borrowing increased 80% during 2025 and another 14% in the first quarter of 2026. That kind of hidden leverage can amplify losses when the cycle turns, according to the Financial Stability Board."
Translation: "For 14 BDC'er med fulde joint venture-oplysninger steg låntagning uden for balancen med 80% i løbet af 2025 og yderligere 14% i første kvartal af 2026. Den slags skjult gearing kan forstærke tab, når konjunkturerne vender, ifølge Financial Stability Board."
Note: "off-balance-sheet borrowing" -> "låntagning uden for balancen". "hidden leverage" -> "skjult gearing". Keep "Financial Stability Board" as proper noun.
Next:
Regulatory Warnings
->
Regulatoriske advarsler
Paragraph: "The Financial Stability Board has warned that hidden or layered leverage can amplify losses when the cycle turns, and private credit remains untested at its current scale through a prolonged downturn. The FSB's available member data capture approximately $220 billion in drawn and undrawn bank lines to private credit lenders across member jurisdictions. That's a global figure, but US banks are a big part of it."
Translation: "Financial Stability Board har advaret om, at skjult eller lagdelt gearing kan forstærke tab, når konjunkturerne vender, og
