- 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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