• The junk bond market has been shrinking for nearly three years as issuers and
    investors opt for different structures
  • Overall credit growth continues to outpace economic growth as public pensions
    bring in fresh new tax money and allocate it to credit
  • The shift away from public junk bonds is leading to less-liquid markets
  • The shift toward private credit will likely make published credit spreads less
  • Growth of private credit will likely lead to a bigger financial disaster in 3-5 years

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