{"id":8691,"date":"2025-11-18T15:55:54","date_gmt":"2025-11-18T14:55:54","guid":{"rendered":"https:\/\/joapen.com\/blog\/?p=8691"},"modified":"2026-01-15T19:22:17","modified_gmt":"2026-01-15T18:22:17","slug":"private-credits-and-debt-dependencies","status":"publish","type":"post","link":"https:\/\/joapen.com\/blog\/2025\/11\/18\/private-credits-and-debt-dependencies\/","title":{"rendered":"Private Credits and debt dependencies"},"content":{"rendered":"\n<p>Listening the this episode of Kapital&#8217;s podcast titled &#8220;<a href=\"https:\/\/www.ivoox.com\/en\/k190-alvaro-conesa-too-big-to-bail-audios-mp3_rf_162634625_1.html\" target=\"_blank\" rel=\"noreferrer noopener\">Too big to bail<\/a>&#8221; (it&#8217;s in Spanish), I took my time to draw some of the dependencies commented there.<\/p>\n\n\n\n<p>It&#8217;s interesting to see how capital flows move from one place to other.<\/p>\n\n\n\n<p>After 2008, the commercial banks saw how the regulation limited their ability to get loans from users. Private Credit funds saw a need and started to buy these loans to the commercial banks and protect themselves through insurance policies.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Are we at risk of repeating 2008?<\/li>\n\n\n\n<li>What is the weakest link in this debt chain?<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"552\" src=\"https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-1024x552.png\" alt=\"\" class=\"wp-image-8692\" srcset=\"https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-1024x552.png 1024w, https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-300x162.png 300w, https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-768x414.png 768w, https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-1536x827.png 1536w, https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image.png 1539w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>This gave me the idea of understanding the dependencies between different layers of debt tenants.<\/p>\n\n\n\n<p>The &#8220;tree&#8221; of debt tenants is huge and diverse, take this as an over simplification.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"488\" src=\"https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-1-1024x488.png\" alt=\"\" class=\"wp-image-8693\" srcset=\"https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-1-1024x488.png 1024w, https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-1-300x143.png 300w, https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-1-768x366.png 768w, https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-1.png 1513w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>An updated map of the debt dependencies:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"497\" src=\"https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-4-1024x497.png\" alt=\"\" class=\"wp-image-8736\" srcset=\"https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-4-1024x497.png 1024w, https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-4-300x146.png 300w, https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-4-768x373.png 768w, https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-4.png 1521w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Listening the this episode of Kapital&#8217;s podcast titled &#8220;Too big to bail&#8221; (it&#8217;s in Spanish), I took my time to draw some of the dependencies commented there. It&#8217;s interesting to see how capital flows move from one place to other. After 2008, the commercial banks saw how the regulation limited their ability to get loans &#8230; <a title=\"Private Credits and debt dependencies\" class=\"read-more\" href=\"https:\/\/joapen.com\/blog\/2025\/11\/18\/private-credits-and-debt-dependencies\/\" aria-label=\"Read more about Private Credits and debt dependencies\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,204],"tags":[],"class_list":["post-8691","post","type-post","status-publish","format-standard","hentry","category-finance","category-wardley-maps"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Private Credits and debt dependencies -<\/title>\n<meta name=\"description\" content=\"Listening the this episode of Kapital&#039;s podcast titled &quot;Too big to bail&quot; (it&#039;s in Spanish), I took my time to draw some of the dependencies commented - joapen projects\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/joapen.com\/blog\/2025\/11\/18\/private-credits-and-debt-dependencies\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private Credits and debt dependencies -\" \/>\n<meta property=\"og:description\" content=\"Listening the this episode of Kapital&#039;s podcast titled &quot;Too big to bail&quot; (it&#039;s in Spanish), I took my time to draw some of the dependencies commented - joapen projects\" \/>\n<meta property=\"og:url\" content=\"https:\/\/joapen.com\/blog\/2025\/11\/18\/private-credits-and-debt-dependencies\/\" \/>\n<meta property=\"og:site_name\" content=\"joapen projects\" \/>\n<meta property=\"article:published_time\" content=\"2025-11-18T14:55:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-01-15T18:22:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/joapen.com\/blog\/wp-content\/uploads\/2025\/11\/image-1024x552.png\" \/>\n<meta name=\"author\" content=\"joapen\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"joapen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/joapen.com\\\/blog\\\/2025\\\/11\\\/18\\\/private-credits-and-debt-dependencies\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/joapen.com\\\/blog\\\/2025\\\/11\\\/18\\\/private-credits-and-debt-dependencies\\\/\"},\"author\":{\"name\":\"joapen\",\"@id\":\"https:\\\/\\\/joapen.com\\\/blog\\\/#\\\/schema\\\/person\\\/23919df2312175fe9c4609203595b217\"},\"headline\":\"Private Credits and debt dependencies\",\"datePublished\":\"2025-11-18T14:55:54+00:00\",\"dateModified\":\"2026-01-15T18:22:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/joapen.com\\\/blog\\\/2025\\\/11\\\/18\\\/private-credits-and-debt-dependencies\\\/\"},\"wordCount\":138,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/joapen.com\\\/blog\\\/#\\\/schema\\\/person\\\/23919df2312175fe9c4609203595b217\"},\"image\":{\"@id\":\"https:\\\/\\\/joapen.com\\\/blog\\\/2025\\\/11\\\/18\\\/private-credits-and-debt-dependencies\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/joapen.com\\\/blog\\\/wp-content\\\/uploads\\\/2025\\\/11\\\/image-1024x552.png\",\"articleSection\":[\"finance\",\"Wardley maps\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/joapen.com\\\/blog\\\/2025\\\/11\\\/18\\\/private-credits-and-debt-dependencies\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/joapen.com\\\/blog\\\/2025\\\/11\\\/18\\\/private-credits-and-debt-dependencies\\\/\",\"url\":\"https:\\\/\\\/joapen.com\\\/blog\\\/2025\\\/11\\\/18\\\/private-credits-and-debt-dependencies\\\/\",\"name\":\"Private Credits and debt dependencies -\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/joapen.com\\\/blog\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/joapen.com\\\/blog\\\/2025\\\/11\\\/18\\\/private-credits-and-debt-dependencies\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/joapen.com\\\/blog\\\/2025\\\/11\\\/18\\\/private-credits-and-debt-dependencies\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/joapen.com\\\/blog\\\/wp-content\\\/uploads\\\/2025\\\/11\\\/image-1024x552.png\",\"datePublished\":\"2025-11-18T14:55:54+00:00\",\"dateModified\":\"2026-01-15T18:22:17+00:00\",\"description\":\"Listening the this episode of Kapital's podcast titled \\\"Too big to bail\\\" (it's in Spanish), I took my time to draw some of the dependencies commented - 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