Fitch puts US private-credit defaults at a record 6%, with most stress hidden in PIK. The Big Three split their stewardship. The Fed reshuffles its fears. One chart, one take.
In this episode
- The private-credit warning became a number: defaults hit a record 6%.
- The great unbundling of stewardship: the Big Three are splitting the vote.
- The official sector reshuffled its fears: geopolitics first, AI third, private credit up to fourth.
- Four companies now hold 4% of the investment-grade bond market.
- Norway pauses ethical divestment as a few US tech names carry the fund.
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