Credit markets are transforming, blending features from equity markets in a process called "equitification". Enhanced liquidity through instruments like bond ETFs is making public bonds more tradable and expanding investment strategies. Meanwhile, the private credit market is growing, offering an alternative to public markets for businesses and investors. This shift allows investors to choose between liquid public markets or higher returns in private markets, while issuers gain flexibility in funding options. As this trend continues, asset managers must adapt to the evolving landscape to stay competitive.