LOCKED MacroCapture: Research Dossier – Trick or Treat: Should We Be Afraid of Private Credit

A closer look at recent signs of stress in credit markets. Are the recent defaults at companies like Tricolor or First Brands merely isolated cases of poor management or bad luck, or do they signal something broader—echoing Dimon’s warning that “there is never just one cockroach”? This analysis breaks down current conditions, why they matter, and what to watch next.