CARGA_INICIAL20200528
Private credit has expanded rapidly into segments vacated by banks, emerging as a central pillar of corporate financing within the non-bank ecosystem. Its continued growth, alongside persistent linkages to the banking system, is reshaping the distribution of risk and raising questions about how losses would be absorbed under stress.
Este artículo se centra en dos episodios concretos, el deterioro de las BDC en Estados Unidos y la expansión de las SRT en Europa, para argumentar que la pregunta correcta hoy no es si el crédito privado va a desencadenar la próxima crisis, sino qué nos dice sobre el sistema en el que se ha incrustado.
Once seen as safer and cheaper than corporate debt thanks to its regulated profile and implicit government backing, since the 2008 financial crisis, bank-issued debt has carried a risk premium, driven by regulatory shifts, sovereign exposures, and profitability concerns. Recent improvements in capital generation, liquidity, and diversification suggest that the premium may no longer be justified on fundamental grounds.
Este trabajo aborda un fenómeno que ha transformado los mercados
desde la crisis de 2008: la pérdida de ventaja de financiación de los bancos frente a las empresas no financieras.