A Blackstone debt sale shows that private credit firms can lose deals just as quickly as they win them. For much of last year and this year, private lenders have been able to win business precisely because public bond and loan markets were closed, or at least unpredictable. Banks were reluctant to commit to finance buyouts because they were nursing so many losses from prior LBO fundings and also have a hefty sum of hung debt. Now fears about recent bank collapses, including those of Credit Suisse Group AG and Silicon Valley Bank, are starting to recede. Banks have sold, or are trying to sell, leveraged buyout debt that’s been lingering on their books for months. The healing is happening slowly. Private credit still has the upper hand, said Kristopher Ring, Debt Finance partner. "The problem with the syndicated market is that it’s still not stabilized,” Ring said to Bloomberg.