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Oracle announced it will be laying off tens of thousands of its employees in an attempt to save cash. Not that long ago the company could borrow any insane amount it wanted. In other words, the proposed job cuts at Oracle offer more confirmation of credit market stress. So do the layoffs Block had announced in late February. The cycle has completely flipped, including Fitch admitting one form of selective default is at a 14-year high while UBS locks up one European fund for three years!

Eurodollar University's Money & Macro Analysis

Oracle cutting thousands in latest layoff round as company continues to ramp AI spending
https://www.cnbc.com/2026/03/31/oracle-layoffs-ai-spending.html

Oracle announces Equity and Debt Financing Plan for Calendar Year 2026
https://investor.oracle.com/investor-news/news-details/2026/Oracle-announces-Equity-and-Debt-Financing-Plan-for-Calendar-Year-2026/default.aspx

UBS gates €400mn property fund for up to 3 years
https://www.ft.com/content/67d6e6ab-724c-4e23-b806-51fed911b766?syn-25a6b1a6=1

U.S. Private Credit Defaults Ease to 5.4% in February 2026
https://www.fitchratings.com/research/corporate-finance/us-private-credit-defaults-ease-to-5-4-in-february-2026-18-03-2026

Private Credit’s Investor Exodus Spreads to Consumer Loans
https://www.wsj.com/finance/investing/private-credits-investor-exodus-spreads-to-consumer-loans-de2507d7

Non-Cash-Generating Private-Credit Loans Rise to a 14-Year Peak, Fitch Says
https://www.wsj.com/articles/non-cash-generating-private-credit-loans-rise-to-a-14-year-peak-fitch-says-02ed4b94

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OMG... Private Credit Just Got Worse… WAY Worse