Markets Edge

ReadingTreasury yields are about to face real competitive pressure from the asset class that has been their largest foreign buyer. Expect volatility.

ReadingPE funds facing early redemptions will sell portfolios at a discount to secondaries buyers. Expect more Bridgepoint-style portfolio transfers to continuation vehicles.

ReadingAmazon's credit profile has become too deep for rate differentials to matter. They're funding their AI lead through sheer leverage. Competitors will pay more for the same tonnage.

ReadingPrimary credit fund managers will soon face a choice: mark portfolios down or watch LPs leave. Secondaries buyers are the new market-makers.

ReadingContinuation vehicles are now the exit mechanism for extended PE portfolios. Expect more fund managers to follow Bridgepoint's lead.

ReadingMega-cap tech valuations are now contested. Watch where the allocators who got it right in 2023 are going now.

ReadingTokenized bonds are infrastructure, not speculation. Watch which emerging markets follow India's framework.