Shadow Defaults & Private Credit Risks in Credit Markets | Edward Altman (NYU Stern) #02

Official default rates can understate what is really happening beneath the surface of credit markets.Josef Pschorn speaks with Edward Altman, Professor Emeritus at NYU Stern and creator of the Z-Score, about shadow defaults, distressed exchanges, private credit, and the hidden stress that does not always show up in headline data.Key takeaways:Shadow defaults distort the real picture of credit-market stressPrivate credit may be shifting risk away from public visibilityLoan defaults and bond defaults do not always tell the same storyLoss severity often matters more than default-count narrativesTranscripts and analysis: https://fixedfloating.substack.comConnect with Fixed + Floating: LinkedIn https://www.linkedin.com/company/fixed-floating | X https://twitter.com/FixedFloatingDisclaimer: Fixed + Floating is for informational purposes only. Not investment, legal, or tax advice.