Macquarie is closing its debt capital markets division in the United States and will instead focus on a rapidly expanding private credit business through which it has already lent more than $22.5 billion.

The Sydney-headquartered financial services giant will no longer provide traditional bonds and loans in the US, having already exited the market in Europe. Instead, people briefed on the deliberations inside the company said, Macquarie will put more resources into its fixed income business.