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1、RewiringThe FinancingMachineHowprivate credit and hedge funds are transforming corporate credit2Rewiring The Financing MachineContentsExecutive Summary 31.A System Rewired 6Drivers of change 8Evolving landscape for investors 10Evolving landscape for companies 122.Shocks And Grounding 16Improvements

2、in risk distribution 17Continued importance of banks 19Potential channels for crisis 213.Avoiding Buildups 24Short-term promises 26Financial chains 27Accumulation of exposures 29High-quality assets 30Dynamics in crisis 324.A Safer Future 35Appendix A:Glossary 37Appendix B:Endnotes 39Executive Summar

3、yThe corporate credit ecosystem is undergoing a major evolution,bringing both significant benefits and risks.Most analyses focus on important individual components of this transformation,such as the rise of private credit funds.However,a sound understanding of how risk allocations are being restruct

4、ured requires a broad and integrated view of the market.We provide a framework for understanding evolving business models and assessing both the benefits and potential problems arising from this rewiring.This holistic view is necessary for financial institutions and policymakers to foster sustainabl

5、e growth.Nonbanks like private capital firms and hedge funds are taking market share from banks.They have become significant players in credit origination and distribution through direct lending,as well as the issuance of structured products like collateralized loan obligations.They have expanded li

6、quidity via exchange-traded funds and cross-asset hedge fund strategies.This evolution is improving credit availability as it expands options for investors and borrowers while reducing certain types of risks.For example,liquidity transformations are reduced when“permanent capital”sourced from insure