Globally, credit markets were traditionally dominated by banks and other financial institutions that provided loans primarily to large corporations and governments. The landscape began to change significantly in the 1980s with the advent of the high-yield bond market, pioneered by Michael Milken as mentioned in earlier entries. By the end of the 1980s, the U.S. high-yield bond market had grown to over $190 billion in outstanding debt, and it has continued to expand, peaking at $1.7 trillion by 2023.
Credit markets survived the global financial crisis of 2008 thanks to regulatory reforms and central bank interventions.
My Personal History
The evolution of Asia's credit markets: Henry Kravis (19)
Economic dynamism, urbanization and financial sophistication drive significant demand
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