JPMorgan Traders Are Getting Shut Out of Private Credit Market (1)

It’s become something of a running joke in the world of private credit.

About once a month, JPMorgan Chase & Co. traders send out a list of dozens of loans they’re looking to buy and then, on most occasions, fail to get their hands on a single one. It’s not about the price. They’re willing to pay up. The problem is almost no one in private credit is willing to sell, let alone to a Wall Street bank.

The us-versus-them mentality is so strong that the lists, known as runs in the lingo of traders, often get no more than ...