US nonfinancial corporate bonds

Non-Bank Lending Conditions Dangerously Easy: UBS

Greater regulation of banks coupled with excessive liquidity supplied from monetary policy has triggered an unsustainable surge in non-bank lending as lenders ease underwriting standards to enhance market share, believe UBS analysts. Matthew Mish and Stephen Caprio argue in their March 10 research note titled “Non-bank lending: the tip of the iceberg?” that non-bank lending presents growing downside risks to growth when the non-bank credit cycle turns from boom . . .


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