Is This ‘Tinder For Corporate Credit’ The Latest Harbinger Of A Debt Implosion?

Corporate

As recently as October, desperate yield-chasers seemingly couldn’t get enough of leveraged-loan paper, until a dramatic and sudden collapse in demand left Wells Fargo and JPM stuck with more than $400 million in loans that they will need to keep on their books until they can find a buyer, a phenomenon that prompted one credit strategist to muse about “end-of-credit-cycle” behavior. As we’ve been warning for a while now, the massive agglomeration of debt that has occurred in various sectors of the US economy since the financial crisis has remained safely out of sight for years as low interest rates ensured that any struggling borrowers could easily roll their debt at rock-bottom costs. But as interest rates rise and the global economy falters, concerns about ‘fallen angels’, leveraged loans, consumer credit, subprime auto loans, student debt and myriad other facets of the US’s exaggerated pile of consumer and corporate debt have come rushing back.

In a profile that shows just how desperate – and therefore, reckless – investors became as yields dropped during the post-crisis period, Bloomberg this week published a stunning profile chronicling the rise of the direct-lending industry. Featured in the profile was a company called DebtMaven, which is trying to create what its founder, Jordan Selleck, described as a “Tinder for corporate credit.” His service connects lightly vetted borrowers with similarly lightly vetted lenders so that they can make deal magic with minimal fuss (and maximal risk).

In barely two years, more than 470 different potential lenders have signed up to his match-making web site, DebtMaven. For a small fee, he connects them with smaller companies looking for money.

“They’re hooked on deal flow and willing to pay,” Selleck says of his lenders. “It’s grown at a crazy pace.”

That pace is now raising red flags among regulators and central bankers, who fret that the direct-lending industry is helping to fuel a global credit bubble that’s leaving the economy increasingly vulnerable. Reaching for anything that pays decent returns, investors have been pouring money into all sorts of risky assets. Not since the heady days of 2007, when private credit was a relative backwater, have the rewards for holding riskier debt like junk bonds seemed so meager.

During the QE era, investors struggled to find even speculative-grade debt yielding more than 5%.

This shortage of debt offering a decent yield provided the spark for the private-credit industry to grow from a niche market…

So why is private credit so beguiling? One word: yield. A decade of central bank stimulus caused it to evaporate in the usual places, such as the debt of blue-chip corporations. If everything goes according to plan, loans from private lenders are usually more lucrative than those to bigger companies. They hold out all-in yields of 7 percent to 9 percent, sometimes much more. That compares to an average 4.3 percent for the typical investment-grade corporate bond.

…to one that’s rapidly approaching $1 trillion in assets, bearing yields between 7% and 9% (analysts expect the market to hit the $1 trillion mark by 2020).

Debt

And unsurprisingly, as this segment of the US shadow-banking market expands, banks are finding a way to get in on the action, using – what else? – the same types of collateralized loans that became “weapons of financial mass destruction” during the crisis.

Even the financial engineers are getting to work. So far this year, Wall Street has churned out almost $20 billion of collateralized loan obligations that transform those often risky loans into securities rated as high as triple-A.

Meanwhile, the surging demand for private credit has transformed startups like DebtMaven into titans overnight.

The frenzy has turned lending startups into heavyweights almost overnight. Owl Rock Capital Partners—a New York firm founded by Blackstone, KKR and Goldman Sachs veterans—has amassed $9.5 billion of assets since it started in 2016.

Money raised by Owl Rock found its way to the outskirts of Charlotte, North Carolina, where it helped fund the buyout of Carolina Beverage Group by Cold Spring Brewing Co., a craft-beer producer owned by private equity firm Brynwood Partners. Owl Rock’s financing amounted to almost $45 million.

TransPerfect Global Inc., a New York-based language-service company, borrowed about $262 million from Owl Rock to help one of its founders buy out the shares of the other after they had a falling out. That debt pays more than 9.5 percent. They’re among loans Owl Rock has arranged for companies with typical earnings before interest, taxes, depreciation and amortization of $10 million to $250 million annually.

So it’s hardly surprising that the industry is raising red flags, and regulators are beginning to take an interest.

That pace is now raising red flags among regulators and central bankers, who fret that the direct-lending industry is helping to fuel a global credit bubble that’s leaving the economy increasingly vulnerable. Reaching for anything that pays decent returns, investors have been pouring money into all sorts of risky assets. Not since the heady days of 2007, when private credit was a relative backwater, have the rewards for holding riskier debt like junk bonds seemed so meager.

But it might already be too late. Because with the Fed expected to raise interest rates for the fourth time this year on Wednesday, the pressure on small and medium-sized companies, which represent the bulk of borrowers, is intensifying. And because these loans don’t trade publicly and aren’t priced to market, it’s difficult for lenders and investors to tell where the pressure points lie.

The risks—for investors and companies alike—will likely grow as interest rates keep climbing. And they’ll be more acute for small and midsize businesses that borrowed heavily in good times.

“It has the seduction of offering the appearance of both higher returns and stability, because it doesn’t have to mark-to-market, and it doesn’t trade,” Steve Vaccaro, chief executive officer of CIFC Asset Management, says of private credit. “But some companies are over-banked and over-levered and prices are likely to move substantially if there is a problem.”

Others have been more blunt with their warnings. Dan Zwirn, chief executive officer at Arena Investors, a New York firm that lends to firms less able to access conventional sources, says the boom will probably end like the others: with finger-pointing and litigation.

“There will be recrimination and litigation, and cries of ‘I was fooled’. ‘I didn’t have the information’ and ‘You took advantage of me,” Zwirn says. “When, in fact, the data, as with the mortgage crisis, was right in front of our faces.”

If nothing else, the rise in private-lending echoes fears of the shadow-banking industry in China, which critics say has helped mask the true quantity of leverage rattling around the system.

Shadow

And while investors and shadow lenders are piling in to these risky loans, traditional banks are raising their credit standards as fears that a recession might be looming in 2020 continue to percolate, according to Reuters.

This suggests that lenders will soon feel the sting of recession, even if losses haven’t started cropping up yet and the economic fundamentals appear (relatively) strong.

Bank executives acknowledge that the U.S. economy is probably in the final stages of a long recovery from the 2007-09 global financial crisis. But they say that until credit metrics start to deteriorate meaningfully, there is no reason to boost reserves or slash customer financing.

“There is a big disconnect at this point in time between the market technicals and what we’re really seeing on the ground,” Citigroup Inc (C.N) Chief Financial Officer John Gerspach said at an industry event last week. “The fundamentals still look very good.

The notion that fundamentals look “good” isn’t entirely true. But regardless, consumers and lenders will soon need to figure out whom they trust more: the economy, which appears to be in good shape (at least on the surface), or the market?

We know where Stanley Druckenmiller stands. And if more consumers and lenders follow his lead, that could create serious complications for opaque private credit markets which, thanks to an unintended side-effect of QE, is now large enough to pose a systemic risk.

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[189] => is this &#8216;tinder for corporate credit&#8q17; the latest harbinger of a debt implosion? [190] => is this &#8216;tinder for corporate credit&#8w17; the latest harbinger of a debt implosion? [191] => is this &#8216;tinder for corporate credit&#8317; the latest harbinger of a debt implosion? [192] => is this &#8216;tinder for corporate credit&#8227; the latest harbinger of a debt implosion? [193] => is this &#8216;tinder for corporate credit&#82q7; the latest harbinger of a debt implosion? [194] => is this &#8216;tinder for corporate credit&#8216; the latest harbinger of a debt implosion? [195] => is this &#8216;tinder for corporate credit&#821y; the latest harbinger of a debt implosion? [196] => is this &#8216;tinder for corporate credit&#821u; the latest harbinger of a debt implosion? [197] => is this &#8216;tinder for corporate credit&#8218; the latest harbinger of a debt implosion? [198] => is this &#8216;tinder for corporate credit&#8217; rhe latest harbinger of a debt implosion? [199] => is this &#8216;tinder for corporate credit&#8217; fhe latest harbinger of a debt implosion? [200] => is this &#8216;tinder for corporate credit&#8217; ghe latest harbinger of a debt implosion? [201] => is this &#8216;tinder for corporate credit&#8217; yhe latest harbinger of a debt implosion? [202] => is this &#8216;tinder for corporate credit&#8217; 6he latest harbinger of a debt implosion? [203] => is this &#8216;tinder for corporate credit&#8217; 5he latest harbinger of a debt implosion? [204] => is this &#8216;tinder for corporate credit&#8217; tge latest harbinger of a debt implosion? [205] => is this &#8216;tinder for corporate credit&#8217; tbe latest harbinger of a debt implosion? [206] => is this &#8216;tinder for corporate credit&#8217; tne latest harbinger of a debt implosion? [207] => is this &#8216;tinder for corporate credit&#8217; tje latest harbinger of a debt implosion? [208] => is this &#8216;tinder for corporate credit&#8217; tue latest harbinger of a debt implosion? [209] => is this &#8216;tinder for corporate credit&#8217; tye latest harbinger of a debt implosion? [210] => is this &#8216;tinder for corporate credit&#8217; thw latest harbinger of a debt implosion? [211] => is this &#8216;tinder for corporate credit&#8217; ths latest harbinger of a debt implosion? [212] => is this &#8216;tinder for corporate credit&#8217; thd latest harbinger of a debt implosion? [213] => is this &#8216;tinder for corporate credit&#8217; thr latest harbinger of a debt implosion? [214] => is this &#8216;tinder for corporate credit&#8217; th4 latest harbinger of a debt implosion? [215] => is this &#8216;tinder for corporate credit&#8217; th3 latest harbinger of a debt implosion? [216] => is this &#8216;tinder for corporate credit&#8217; the katest harbinger of a debt implosion? [217] => is this &#8216;tinder for corporate credit&#8217; the patest harbinger of a debt implosion? [218] => is this &#8216;tinder for corporate credit&#8217; the oatest harbinger of a debt implosion? [219] => is this &#8216;tinder for corporate credit&#8217; the lztest harbinger of a debt implosion? [220] => is this &#8216;tinder for corporate credit&#8217; the lstest harbinger of a debt implosion? [221] => is this &#8216;tinder for corporate credit&#8217; the lwtest harbinger of a debt implosion? [222] => is this &#8216;tinder for corporate credit&#8217; the lqtest harbinger of a debt implosion? [223] => is this &#8216;tinder for corporate credit&#8217; the larest harbinger of a debt implosion? [224] => is this &#8216;tinder for corporate credit&#8217; the lafest harbinger of a debt implosion? [225] => is this &#8216;tinder for corporate credit&#8217; the lagest harbinger of a debt implosion? [226] => is this &#8216;tinder for corporate credit&#8217; the layest harbinger of a debt implosion? [227] => is this &#8216;tinder for corporate credit&#8217; the la6est harbinger of a debt implosion? [228] => is this &#8216;tinder for corporate credit&#8217; the la5est harbinger of a debt implosion? [229] => is this &#8216;tinder for corporate credit&#8217; the latwst harbinger of a debt implosion? [230] => is this &#8216;tinder for corporate credit&#8217; the latsst harbinger of a debt implosion? [231] => is this &#8216;tinder for corporate credit&#8217; the latdst harbinger of a debt implosion? [232] => is this &#8216;tinder for corporate credit&#8217; the latrst harbinger of a debt implosion? [233] => is this &#8216;tinder for corporate credit&#8217; the lat4st harbinger of a debt implosion? [234] => is this &#8216;tinder for corporate credit&#8217; the lat3st harbinger of a debt implosion? [235] => is this &#8216;tinder for corporate credit&#8217; the lateat harbinger of a debt implosion? [236] => is this &#8216;tinder for corporate credit&#8217; the latezt harbinger of a debt implosion? [237] => is this &#8216;tinder for corporate credit&#8217; the latext harbinger of a debt implosion? [238] => is this &#8216;tinder for corporate credit&#8217; the latedt harbinger of a debt implosion? [239] => is this &#8216;tinder for corporate credit&#8217; the lateet harbinger of a debt implosion? [240] => is this &#8216;tinder for corporate credit&#8217; the latewt harbinger of a debt implosion? [241] => is this &#8216;tinder for corporate credit&#8217; the latesr harbinger of a debt implosion? [242] => is this &#8216;tinder for corporate credit&#8217; the latesf harbinger of a debt implosion? [243] => is this &#8216;tinder for corporate credit&#8217; the latesg harbinger of a debt implosion? [244] => is this &#8216;tinder for corporate credit&#8217; the latesy harbinger of a debt implosion? [245] => is this &#8216;tinder for corporate credit&#8217; the lates6 harbinger of a debt implosion? [246] => is this &#8216;tinder for corporate credit&#8217; the lates5 harbinger of a debt implosion? [247] => is this &#8216;tinder for corporate credit&#8217; the latest garbinger of a debt implosion? [248] => is this &#8216;tinder for corporate credit&#8217; the latest barbinger of a debt implosion? [249] => is this &#8216;tinder for corporate credit&#8217; the latest narbinger of a debt implosion? [250] => is this &#8216;tinder for corporate credit&#8217; the latest jarbinger of a debt implosion? [251] => is this &#8216;tinder for corporate credit&#8217; the latest uarbinger of a debt implosion? [252] => is this &#8216;tinder for corporate credit&#8217; the latest yarbinger of a debt implosion? [253] => is this &#8216;tinder for corporate credit&#8217; the latest hzrbinger of a debt implosion? [254] => is this &#8216;tinder for corporate credit&#8217; the latest hsrbinger of a debt implosion? [255] => is this &#8216;tinder for corporate credit&#8217; the latest hwrbinger of a debt implosion? [256] => is this &#8216;tinder for corporate credit&#8217; the latest hqrbinger of a debt implosion? [257] => is this &#8216;tinder for corporate credit&#8217; the latest haebinger of a debt implosion? [258] => is this &#8216;tinder for corporate credit&#8217; the latest hadbinger of a debt implosion? [259] => is this &#8216;tinder for corporate credit&#8217; the latest hafbinger of a debt implosion? [260] => is this &#8216;tinder for corporate credit&#8217; the latest hatbinger of a debt implosion? [261] => is this &#8216;tinder for corporate credit&#8217; the latest ha5binger of a debt implosion? [262] => is this &#8216;tinder for corporate credit&#8217; the latest ha4binger of a debt implosion? [263] => is this &#8216;tinder for corporate credit&#8217; the latest harvinger of a debt implosion? [264] => is this &#8216;tinder for corporate credit&#8217; the latest harninger of a debt implosion? [265] => is this &#8216;tinder for corporate credit&#8217; the latest harhinger of a debt implosion? [266] => is this &#8216;tinder for corporate credit&#8217; the latest harginger of a debt implosion? [267] => is this &#8216;tinder for corporate credit&#8217; the latest harbunger of a debt implosion? [268] => is this &#8216;tinder for corporate credit&#8217; the latest harbjnger of a debt implosion? [269] => is this &#8216;tinder for corporate credit&#8217; the latest harbknger of a debt implosion? [270] => is this &#8216;tinder for corporate credit&#8217; the latest harbonger of a debt implosion? [271] => is this &#8216;tinder for corporate credit&#8217; the latest harb9nger of a debt implosion? [272] => is this &#8216;tinder for corporate credit&#8217; the latest harb8nger of a debt implosion? [273] => is this &#8216;tinder for corporate credit&#8217; the latest harbibger of a debt implosion? [274] => is this &#8216;tinder for corporate credit&#8217; the latest harbimger of a debt implosion? [275] => is this &#8216;tinder for corporate credit&#8217; the latest harbijger of a debt implosion? [276] => is this &#8216;tinder for corporate credit&#8217; the latest harbihger of a debt implosion? [277] => is this &#8216;tinder for corporate credit&#8217; the latest harbinfer of a debt implosion? [278] => is this &#8216;tinder for corporate credit&#8217; the latest harbinver of a debt implosion? [279] => is this &#8216;tinder for corporate credit&#8217; the latest harbinber of a debt implosion? [280] => is this &#8216;tinder for corporate credit&#8217; the latest harbinher of a debt implosion? [281] => is this &#8216;tinder for corporate credit&#8217; the latest harbinyer of a debt implosion? [282] => is this &#8216;tinder for corporate credit&#8217; the latest harbinter of a debt implosion? [283] => is this &#8216;tinder for corporate credit&#8217; the latest harbingwr of a debt implosion? [284] => is this &#8216;tinder for corporate credit&#8217; the latest harbingsr of a debt implosion? [285] => is this &#8216;tinder for corporate credit&#8217; the latest harbingdr of a debt implosion? [286] => is this &#8216;tinder for corporate credit&#8217; the latest harbingrr of a debt implosion? [287] => is this &#8216;tinder for corporate credit&#8217; the latest harbing4r of a debt implosion? [288] => is this &#8216;tinder for corporate credit&#8217; the latest harbing3r of a debt implosion? [289] => is this &#8216;tinder for corporate credit&#8217; the latest harbingee of a debt implosion? [290] => is this &#8216;tinder for corporate credit&#8217; the latest harbinged of a debt implosion? [291] => is this &#8216;tinder for corporate credit&#8217; the latest harbingef of a debt implosion? [292] => is this &#8216;tinder for corporate credit&#8217; the latest harbinget of a debt implosion? [293] => is this &#8216;tinder for corporate credit&#8217; the latest harbinge5 of a debt implosion? [294] => is this &#8216;tinder for corporate credit&#8217; the latest harbinge4 of a debt implosion? [295] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger if a debt implosion? [296] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger kf a debt implosion? [297] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger lf a debt implosion? [298] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger pf a debt implosion? [299] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger 0f a debt implosion? [300] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger 9f a debt implosion? [301] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger od a debt implosion? [302] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger oc a debt implosion? [303] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger ov a debt implosion? [304] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger og a debt implosion? [305] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger ot a debt implosion? [306] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger or a debt implosion? [307] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of z debt implosion? [308] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of s debt implosion? [309] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of w debt implosion? [310] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of q debt implosion? [311] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a sebt implosion? [312] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a xebt implosion? [313] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a cebt implosion? [314] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a febt implosion? [315] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a rebt implosion? [316] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a eebt implosion? [317] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a dwbt implosion? [318] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a dsbt implosion? [319] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a ddbt implosion? [320] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a drbt implosion? [321] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a d4bt implosion? [322] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a d3bt implosion? [323] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a devt implosion? [324] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a dent implosion? [325] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a deht implosion? [326] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a degt implosion? [327] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debr implosion? [328] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debf implosion? [329] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debg implosion? [330] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a deby implosion? [331] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a deb6 implosion? [332] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a deb5 implosion? [333] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt umplosion? [334] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt jmplosion? [335] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt kmplosion? [336] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt omplosion? [337] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt 9mplosion? [338] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt 8mplosion? [339] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt inplosion? [340] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt ikplosion? [341] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt ijplosion? [342] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt imolosion? [343] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt imllosion? [344] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt im-losion? [345] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt im0losion? [346] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt impkosion? [347] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt impposion? [348] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt impoosion? [349] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implision? [350] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implksion? [351] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt impllsion? [352] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implpsion? [353] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt impl0sion? [354] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt impl9sion? [355] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt imploaion? [356] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implozion? [357] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt imploxion? [358] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implodion? [359] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt imploeion? [360] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implowion? [361] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosuon? [362] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosjon? [363] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt imploskon? [364] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosoon? [365] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implos9on? [366] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implos8on? [367] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosiin? [368] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosikn? [369] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosiln? [370] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosipn? [371] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosi0n? [372] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosi9n? [373] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosiob? [374] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosiom? [375] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosioj? [376] => is this &#8216;tinder for corporate credit&#8217; the latest harbinger of a debt implosioh? ) </h1> </body>