Private credit is now so intertwined with big banks and insurers that it could become a “locus of contagion” in the next financial crisis, a group of economists, bankers and US officials has warned.
Researchers from Moody’s Analytics, the Securities and Exchange Commission and a former top adviser to the Treasury Department found private credit funds have become enmeshed with the banking system, creating “new linkages [that] introduce new modes of systemic stress”.
“Their opaqueness and role in making the financial network more densely interconnected mean they could disproportionately amplify a future [financial] crisis,” the group said on Tuesday in a study published by Moody’s Analytics.
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