Which Source of Funds Saved U.S. Companies?

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“The great wall of maturing credit looms—but what many didn’t expect was that it would morph into a slippery slope rather than a collapse.”
— BNY Investment Institute, “The Great Wall of Maturing Credit” (2025)

In December 2024, Canary Wharf Group – London's financial icon – hit that wall. Two large bonds nearing maturity, public issuance window slammed shut, banks retreating. The scenario seemed set: default, fire sales, domino effect spreading to UK commercial real estate.

But then Apollo stepped in. A loan package worth hundreds of millions of pounds was disbursed, with interest rates double the old coupon. No one called this a “free bailout”. It was emergency oxygen tank – expensive, but enough for Canary Wharf to breathe for a few more years.

That story is just a small slice of the big picture in the US. In 2022–2023, as the Fed hiked rates lightning-fast from 0% to over 5%, analysts uniformly painted an apocalyptic scenario:

But that crash didn't happen. U.S. companies still paid their debts, still spent, even still invested. The question hanging over Wall Street: Who saved them?

Not the Fed — hands tied by inflation and obsession with credibility. Not the banks — squeezed by Basel III and bad loans. But a silent force exploding fiercely: Private Credit.

In this week's article, Viethustler will dive deep with you into:

• What is Private Credit, why the boom? — from a $300 billion niche to a $1.7 trillion pillar.

• Rescue mechanism: how the “maturity wall” turned into a “maturity slope”.

• The cost of the rescue: cost of capital 9–12%, tight covenants, and accumulating risks.

• Fed running out of time, Private Credit buying time: two parallel but opposing rescue paths.

• And the final question: are U.S. companies truly saved, or just breathing on expensive oxygen?