Private credit markets are facing the spectre of recession, with the combined effects of rate hikes, inflation and volatility providing more stopping power than ceramic brakes on a Ferrari. If, as a recent Leveraged Finance Survey suggests, the US enters recession over the next 12 months, credit availability could start to contract and make it harder to get deals over the finish line. Buyside firms will be hoping that there aren’t too many potholes ahead but for the short-term, credit markets look set to be on a collision course with a streetcar named Recession.