% of new corporate loans extended to companies with debt/EBITDA >6x now at record-high.
Negative risk-free real yields, little-to-no volatility and very tight credit spreads push the private sector to take more exposure down the risk curve.
Capital misallocation everywhere. pic.twitter.com/urBtRhYziO
— Alf (@MacroAlf) December 27, 2021
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