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What is the Credit Market Telling Us?
Blain’s Morning Porridge November 5th, 2026
“A liquidity crash is not the bottom – it’s a sign the bottom is still to come!”
All is not smooth in the credit markets. There are signs of change upon the waters and in the sky. Spreads are widening, liquidity has got tight, and now we have a fund in serious trouble even as corporates try to raise as much as possible before rates rise or markets stall. The hyperscalers are having to pay up for debt – and that’s likely to drag spreads higher. I see trouble ahead…
Key Takeaways
The imminent death-spiral at London Credit Fund Arini demonstrates a new…
The skinny
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