Daily Update — June 24, 2025
Private Credit in APAC; Semiconductor Manufacturing Boom; and Energy as a Service
Today is Tuesday, June 24, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Private Markets
Private Credit Penetrates Asia-Pacific Securitization Markets
The private credit market is experiencing significant growth across Asia-Pacific as it expands into new asset classes and sectors, facilitating the entry of new lenders and supporting established players’ growth plans. S&P Global Ratings highlights this expansion as a crucial complement to securitization, fostering the development of innovative asset classes and structures in the region.
In developed markets such as Australia and Japan, private credit is becoming an established source of financing, attracting global asset managers eager to leverage substantial pools of investment savings in pursuit of higher returns. In contrast, China's private credit market faces challenges due to stricter regulations and limited foreign participation, which hinder its growth trajectory compared to its regional counterparts.
Artificial Intelligence
ASML poised for AI-fueled rebound as EUV and High-NA demand surges
Dutch semiconductor equipment manufacturer ASML Holding is poised for significant growth in 2025 as the semiconductor industry rebounds from a challenging year. The company maintains a strong position in the high-end lithography market, particularly with its extreme ultraviolet (EUV) systems that are essential for producing advanced chips. This places ASML at the forefront of the AI boom, with analysts closely watching its latest "High-NA" EUV machines. These allow for more precise chip production, which is necessary for next-generation applications such as AI, high-performance computing and mobile processors.
Following a 14% year-over-year decline in EUV sales last year, forecasts from Visible Alpha indicate a robust recovery in 2025, with EUV revenue expected to surge 41% year over year to €11.1 billion.
Energy Transition & Sustainability
Listen: Change Makers: Rob Guthrie, ENFRA
ENFRA, formerly Bernhard, provides energy-as-a-service solutions for customers in the healthcare, higher education, hospitality and industrial market segments.
ENFRA CEO Rob Guthrie joins “EnergyCents” podcast hosts Hill Vaden and Sam Humphreys to discuss leading the 106-year-old company through its rebranding to ENFRA. Guthrie also covers how the company’s energy-as-a-service model helps healthcare and higher education customers focus on their core operations and worry less about managing their energy infrastructure.
In case you missed it
- The June 2025 vehicle production forecast reflects a mix of notable upgrades and other increases, particularly in Greater China and North America, driven by strong vehicle sales and tariff policy adjustments favoring parts compliant with the US-Mexico-Canada agreement.
- Intel Corp.'s normalized earnings per share in the first quarter exceeded the consensus projection by a wider margin than any other S&P 500 company.
- The Association of Southeast Asian Nations is set to become a net LNG importer by the early 2030s as demand for the fuel grows at a compounded annual growth rate of 3%.
Upcoming events
- Enabling Agentic AI workflows: Unlocking trusted data with Kensho | June 26 (Webinar)
- Building Climate Resilience: Climate, Nature, and Biodiversity in an Evolving Landscape | July 1 (Webinar)
- Look Forward: The Future of Capital Markets | July 10 (Webinar)