Underscoring the global nature of private credit and the credit cycle, one of India’s biggest borrowers has announced it will be delaying principal and interest payments on one of its biggest junk bonds. And who are the primary owners of said bonds? Private credit funds like Cerberus and regulated institutions like Deutsche Bank. The specific bonds in question aren’t going to bring down either one, but the missed cash payments do highlight more behavior consistent with a shift in the cycle and what that means.

Eurodollar University's Money & Macro Analysis

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With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust.

To take advantage of our limited-time Eurodollar University subscription offer to get access to all EDU materials, reports, and data, visit the link below:

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Top Indian Private Credit Borrower Delays Paying 20.75% Bond
https://www.bloomberg.com/news/articles/2026-04-24/india-s-shapoorji-gets-nod-to-delay-bond-days-before-maturity

Jeffrey Gundlach Rips TCW Group Over Red Lobster ‘PIK Magic’
https://www.bloomberg.com/news/newsletters/2026-04-18/jeffrey-gundlach-rips-tcw-group-over-red-lobster-pik-magic

Bank of England Deputy Governor Warns of Private Credit Crunch
https://www.bloomberg.com/news/articles/2026-04-22/private-credit-crunch-risk-spurs-boe-s-stress-test-breeden-says

Traders Return to Fed Funds Wager That Surged During Repo Stress
https://www.bloomberg.com/news/articles/2026-04-22/traders-return-to-fed-funds-trade-that-surged-during-repo-stress

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BREAKING: Private Credit’s ‘Lehman Moment’ Just Happened