Pension Funds

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.

9 min read ·
Knowledge Base Markets

What Is Private Credit and Why Does It Pose Systemic Risk?

Non-bank lenders now hold $1.7 trillion in corporate debt, operating beyond traditional regulatory oversight while pension funds and insurers carry the contagion risk.

9 min read ·
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.

7 min read ·