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A growing corporate financial surplus can coexist with tighter credit for weaker borrowers. Understanding the gap requires looking beyond sector-wide net flows.

SpaceX's $89 billion order book says credit buyers will fund the platform at long duration. It does not settle the equity valuation, and that distinction is the point.

Panda bonds are not a clean de-dollarization story. They are a cheap-RMB funding channel whose credibility depends on approval standards, secondary liquidity, and spread discipline.

In Brief The loud worry in private credit right now is middlemarket default. Loosecovenant deals from 2021, borrowers paying in IOUs instead of cash, a major fund freezing redemptions back in March. T…