Archive
← Back to the live reading54 readings, six a day, every four hours. Times are UTC.
Wednesday, August 26, 2026
Tuesday, August 25, 2026
- 64CrackingheldFirst Brands ordered liquidated; junior creditors get nothing
- 64Cracking-1Private credit gated 14% of redemptions. BDC shares near highs.
- 65Cracking-1Banks are paying record sums to move loan risk elsewhere
- 66CrackingheldThe SEC asks who funded a 24-year-old's $20bn book
- 66Cracking+1SoftBank sells Japan's biggest-ever retail bond to fund OpenAI
- 65CrackingheldCitadel calls the Treasury's bond buying financial repression. Gold agrees.
Monday, August 24, 2026
- 65CrackingheldNvidia raises server prices 15% as the neoclouds sell off
- 65Cracking+1The cost of insuring Nvidia's debt has doubled since June
- 64CrackingheldTreasury may spend its $935bn cash pile buying back bonds
- 64CrackingheldDebt-funded AI is selling off. Cash-funded AI is not.
- 64CrackingheldPrivate credit's real non-accrual rate is 5.95%, not 3.95%
- 64CrackingheldInsurers lent $20bn to their owner's own deals
Sunday, August 23, 2026
- 64CrackingheldNon-accruals quadrupled at a Blackstone credit fund
- 64CrackingheldThe bond rescue lasted one day; gold and bitcoin noticed
- 64CrackingheldHedge funds hold $2tn of Treasuries, financed overnight
- 64Cracking-1Growth is accelerating. That is the bond market's problem.
- 65CrackingheldCitadel sold the rescue book. The marks were never tested.
- 65Cracking-1Household credit is deteriorating. Its lenders trade near highs.
Saturday, August 22, 2026
- 66CrackingheldInvestment-grade AI bonds are now priced like junk
- 66Cracking+1Private credit's bad loans hit a nine-year high
- 65CrackingheldThe index is calm. The companies financing it are not.
- 65CrackingheldMoney-market funds are quietly funding leveraged stock bets
- 65CrackingheldTreasury buys bonds, Fed debates hiking, dollar hits three-month low
- 65CrackingheldTexas halted 1,800 data centres. The bonds assumed otherwise.
Friday, August 21, 2026
- 65CrackingheldCalm equities, record gold. The hedge is against currency, not credit.
- 65Cracking-1Citadel distributed the AI blow-up. Nothing broke.
- 66Cracking-1Nvidia backstops $105bn of a building it will not own
- 67Cracking-1Broadcom will guarantee the debt used to buy Broadcom chips
- 68BreakingheldProsecutors subpoenaed the firm that rated Mark Walter's insurance bonds
- 68Breaking+1A $1.2bn Guggenheim loan is trading at 78 cents
Thursday, August 20, 2026
- 67Cracking+1Everyone who originates credit sold off. Spreads didn't move.
- 66CrackingheldThe buyback rally lasted a day. Dealers are unimpressed.
- 66Cracking+1The index is fine. Everything that finances it is not.
- 65CrackingheldThe SEC exempted data-centre bonds from the post-2008 rules
- 65CrackingheldNon-traded BDC investors asked for 12.4% back. They got 38%.
- 65Cracking-1Three Fed officials wanted a hike. The Treasury wants lower yields.
Wednesday, August 19, 2026
- 66CrackingheldTreasury doubles its buybacks while the Fed quietly stops buying
- 66Cracking-1An insurance empire unwinds $6.5bn of loans to itself
- 67CrackingheldTreasury starts buying its own long bonds; gold jumps 4%
- 67Cracking+1Microsoft-linked data centre bond marketed at 7.63%, a junk price
- 66Cracking-1Private credit says no to a $2bn refinancing
- 67Cracking+2Bad loans at a nine-year high, long bonds at 2007 yields
- 65CrackingheldPrivate credit wouldn't refinance Sophos. That is the tell.
Tuesday, August 18, 2026
- 65Cracking+2Nvidia now guarantees $105bn of its biggest customer's rent
- 63Cracking+2$14bn data centre, $450m of insurance, lenders hold the tail
- 61Cracking+1Nvidia now guarantees the rent on OpenAI's data centres
- 60CrackingheldInvestment-grade AI debt is pricing like single-B junk
- 60Cracking+3Bad loans in private credit jumped 40% in three months
- 57Cracking+1Investment-grade in name only: Microsoft data-centre bond prices like junk
- 56Crackingfirst readingNvidia guarantees the rent; private credit's bad loans hit decade high