patterns / bank_exit
credit thesisa bank held security here before, the latest secured lender is non-bank — the bank stepped away and alternative capital took its place: 8.5× the refinance base rate and 4.9× on non-bank credit, the strongest credit tell in the pattern set
The bank was here and stepped away: the newest security holder is an alternative lender. Whatever the bank saw — covenant strain, sector policy, risk appetite — the company now pays non-bank pricing and refinances at well above the base rate, taking further non-bank credit at 4.9×. The strongest credit tell in the pattern set.
Private-credit origination at its purest: the borrower has already accepted alternative capital once, and the next cycle is near.
The badge is recomputed nightly across the whole index, and re-evaluated live the moment a company files — so a match is always a statement about the current register, not a stale list. Like every signal the scout raises: a prompt to look closer, never a verdict.