All Publications

Private balance sheets absorbed it all. Stress days tell the rest.

The mandate requires 77%. The distance is still real.

Almost no loans are late, but that measures the wrong thing.

Two-thirds of insurers are funneling it into private credit.

The largest foreign holder is bringing capital home.

Long-term borrowing costs climbed anyway.

A Swiss pension fund tried to leave. Every other investor got half.

Loans locked at 3% now face a market demanding 13%.

The effective rate dropped by a third in one month.

Your money fund lends into this market every day.

Eight held firm. Four pushed back. The pressure is in the minutes.

The interest bill now tops the entire defense budget.