Credit Risk
Knowledge Base
Markets
What Are Covenant-Lite Loans and Why Do They Amplify Credit Risk?
Debt instruments with minimal borrower restrictions now dominate private credit markets, stripping lenders of traditional protections as defaults accelerate.
Macro
Markets
Dimon Flags Private Credit Crisis as Defaults Hit Record 9.2%
JPMorgan CEO's shareholder letter exposes deteriorating underwriting and opacity in $1.8 trillion shadow lending market as pension funds face mounting losses.
Technology
Private Credit Faces Software Shock as Default Warnings Hit 15%
UBS warns AI disruption could push private credit defaults to unprecedented levels, exposing $600-750 billion in software exposure as the $3.5 trillion market confronts its first major stress test.