Wall Street banks have won close to $16bn in deals from the private credit market, according to research from Bank of America.

Bloomberg reported that the bank’s analysis has revealed that borrowers swapped loans received from direct lenders for more affordable debt from Wall Street banks. Around $16bn has moved from private to public credit markets this year.

For example, Thryv, the owner of Yellow Pages, and software provider Encora Digital feature among the latest companies to opt for traditional leveraged loans.

Read more: Private debt investors expect rise in dealmaking and fundraising

Companies have been motivated to shift from private to public debt to benefit from lower rates and less stringent debt covenants. However, private lenders have responded by cutting rates and improving their terms.

PitchBook’s LCD division also found that a handful of borrowers returned to the broadly syndicated loan (BSL) market in February and March of this year, taking advantage of receptive conditions to refinance their debt. This move away from private debt to BSL is expected to continue throughout the year and boost BSL supply.

Read more: Competition intensifies between private credit and syndicated loans