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The Shadow Refinancing Cliff: Why Private Credit is the New 'Ticking Clock' for 2026
While the S&P 500 reaches for new highs, institutional desks are quietly bracing for a massive $1.2 trillion maturity wall in the private credit market. This 'shadow' debt, originated during the low-rate era of 2021, is hitting a wall of higher-for-longer interest rates, threatening a wave of quiet restructurings that could rattle the broader financial system.
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