Archive
← Back to the live reading112 readings, six a day, every four hours. Times are UTC.
Tuesday, September 8, 2026
Monday, September 7, 2026
Sunday, September 6, 2026
Saturday, September 5, 2026
Friday, September 4, 2026
Thursday, September 3, 2026
Wednesday, September 2, 2026
- 65CrackingheldSix billion from the housing banks, twenty billion to affiliates
- 65CrackingheldSeven months old, $300m of equity, now borrowing $5bn
- 65CrackingheldBessent's buyback bought two weeks. The market took them back.
- 65Cracking-2Nvidia up 6% in a week. Its borrowers down 10%.
- 67CrackingheldTwelve banks, double the ask, GPUs as collateral
- 67CrackingheldBDC bad debt is 3.95%. Count every tranche: 5.95%.
- 67Cracking+1Oil at $95 and a strategic reserve at 1982 lows
Tuesday, September 1, 2026
- 66CrackingheldA power company with $3.2bn of losses and no data centres
- 66Cracking+1Japan's 10-year hits 3%, first time since 1996
- 65Cracking+1Oil shock hits bonds: gilts at 28-year high, Treasuries break 4.75%
- 64CrackingheldThirty-year Treasuries: 55 days above 5%, most since 2006
- 64CrackingheldLoans marked at 64 cents. Still not on non-accrual.
- 64Cracking-1Private credit is now lending against Nvidia chips
Monday, August 31, 2026
- 65Cracking+1Markets now price a Fed hike. Treasury is buying bonds.
- 64Cracking-1A company worth $2.4bn is asking for $5bn of debt
- 65Cracking+1A private credit fund with no exposure gated anyway
- 64Cracking+1AI's debt-funded tier fell 15% this week; hyperscalers rose
- 63Cracking+1AI's hidden $1.1 trillion debt. BDC non-accruals jump.
- 62CrackingheldBlackstone's BDC non-accruals: 0.3% to 3.6%. Stock's up.
Sunday, August 30, 2026
- 62CrackingheldAres shrank the fund 60% rather than take the discount
- 62CrackingheldThe SEC wants companies to report twice a year
- 62CrackingheldBroadcom may borrow $100bn to lease its chips to Anthropic
- 62CrackingheldPrivate credit lends $2.4bn against GPUs at nine percent
- 62CrackingheldJapan's interest bill jumps 27% in one budget request
- 62Cracking-1Nvidia's guarantee covers the land and the power, not the chips
Saturday, August 29, 2026
- 63Cracking+1Australia's private credit funds start gating. The tape hasn't moved.
- 62CrackingheldRated investment grade. Priced at 7.23%.
- 62CrackingheldMicrosoft rents the chips. Lambda owes the money.
- 62Cracking-1A 24-year-old's AI fund blew up. Jane Street ate it.
- 63CrackingheldBanks cut off Mark Walter's insurer as AI debt piles higher
- 63Cracking+1Private credit's bad loans tripled; its shares went up anyway
Friday, August 28, 2026
- 62Cracking+1Blue Owl lends IREN $2.4bn at 9% to buy Nvidia chips
- 61Cracking+1Warsh says conditions aren't restrictive; gold and crypto reprice
- 60CrackingheldNeoclouds fall 5–10% while hyperscalers make new highs
- 60CrackingheldNvidia pulls the guarantee that made small AI clouds bankable
- 60CrackingheldHyperscaler bonds now pay 55bp more than everyone else's
- 60CrackingheldA four-month-old company is borrowing $5bn against Anthropic's promise
Thursday, August 27, 2026
- 60Cracking-1Nvidia is owed $63bn, and five customers owe most of it
- 61CrackingheldBig Tech has $3tn of AI promises off the balance sheet
- 61CrackingheldNvidia's bill to its own suppliers doubled to $279bn
- 61Cracking-1Nvidia signed the leases itself and plans to sell them on
- 62CrackingheldRetail investors are asking to leave private credit
- 62CrackingheldAustralia's regulator finds the first cracks in private credit
Wednesday, August 26, 2026
- 62Cracking-1Anthropic promised $45bn to a landlord that isn't public yet
- 63CrackingheldBanks' newest credit insurers post no collateral at all
- 63CrackingheldAI borrowing drove Korea's export bank to New Zealand
- 63CrackingheldNvidia reports tonight having guaranteed $105bn of its customer's rent
- 63CrackingheldGuggenheim's own affiliates may be bidding for its distressed loan
- 63Cracking-1The bond market has decided Bessent will always buy
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