Sectors

Insurance

Insurers became the lending market. The rating underneath it is now being tested

Private credit is 35 per cent of US life insurers’ assets — and regulators, prudential and tax, are now testing the ratings underneath it.

Renewables

The capital came back to infrastructure. It did not come back to renewables

Power and grid deal value surged while renewables fell — on guarantees that were never priced.

Private equity

Private equity’s liquidity problem has become a pricing problem

34,000 companies waiting to sell. The financing moved to the fund level — and the pricing risk with it.

Real estate

Volumes came back. The cost of the debt behind them did not

Volumes recovered everywhere — but the debt behind them repriced, and the sub-sectors pulled apart.