First, we have our "subprime is contained" moment from the Fed. Second, the run on Blue Owl is "unprecedented." Third, and more important than either of those, it's ***who*** is doing the running. In its disclosure, the sad owl let slip the truth underneath more ridiculous spin. When investors demand 20% to 40% out of your top funds, it's finally time to stop pretending this is all nothing.

Eurodollar University's Money & Macro Analysis

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With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust.

To watch a replay of our webinar, click below.
https://youtube.com/live/dkgSJvjWs5M?feature=share

To take advantage of our limited-time Eurodollar University subscription offer to get access to all EDU materials, reports, and data, visit the link below:

https://www.eurodollar.university/webinar-offer

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Blue Owl Limits Redemptions on Private Credit Funds After Massive Exit Requests
https://www.bloomberg.com/news/articles/2026-04-02/blue-owl-bdcs-impose-caps-after-facing-41-22-requests-to-exit

Blue Owl struck by $5.4bn of redemption requests
https://www.ft.com/content/f4320148-3d81-4bd0-9ab6-053a5bade188?syn-25a6b1a6=1

Powell: We do not see systemic risks from private credit
https://www.centralbanking.com/central-banks/financial-stability/7975526/powell-we-do-not-see-systemic-risks-from-private-credit

CNBC Exclusive: Transcript: Berkshire Hathaway Chairman Warren Buffett Speaks with CNBC’s Becky Quick on “Squawk Box” Today
https://www.cnbc.com/2026/03/31/cnbc-exclusive-transcript-berkshire-hathaway-chairman-warren-buffett-speaks-with-cnbcs-becky-quick-on-squawk-box-today.html

Private Credit’s CLO Machine Ramps Up in Push to Raise More Cash
https://www.bloomberg.com/news/articles/2026-04-02/private-credit-s-clo-machine-ramps-up-in-push-to-raise-more-cash

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Oracle announced it will be laying off tens of thousands of its employees in an attempt to save cash. Not that long ago the company could borrow any insane amount it wanted. In other words, the proposed job cuts at Oracle offer more confirmation of credit market stress. So do the layoffs Block had announced in late February. The cycle has completely flipped, including Fitch admitting one form of selective default is at a 14-year high while UBS locks up one European fund for three years!

Eurodollar University's Money & Macro Analysis

Oracle cutting thousands in latest layoff round as company continues to ramp AI spending
https://www.cnbc.com/2026/03/31/oracle-layoffs-ai-spending.html

Oracle announces Equity and Debt Financing Plan for Calendar Year 2026
https://investor.oracle.com/investor-news/news-details/2026/Oracle-announces-Equity-and-Debt-Financing-Plan-for-Calendar-Year-2026/default.aspx

UBS gates €400mn property fund for up to 3 years
https://www.ft.com/content/67d6e6ab-724c-4e23-b806-51fed911b766?syn-25a6b1a6=1

U.S. Private Credit Defaults Ease to 5.4% in February 2026
https://www.fitchratings.com/research/corporate-finance/us-private-credit-defaults-ease-to-5-4-in-february-2026-18-03-2026

Private Credit’s Investor Exodus Spreads to Consumer Loans
https://www.wsj.com/finance/investing/private-credits-investor-exodus-spreads-to-consumer-loans-de2507d7

Non-Cash-Generating Private-Credit Loans Rise to a 14-Year Peak, Fitch Says
https://www.wsj.com/articles/non-cash-generating-private-credit-loans-rise-to-a-14-year-peak-fitch-says-02ed4b94

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU

The question everyone should be asking themselves right now, this second, is why isn’t oil $130 per barrel? Today. Right now. When you look around the world, there are a lot of indications which strongly suggest crude is being drastically underpriced. A lot of it has to do with uncertainty, and I mean that in a very real sense – you don’t know if tomorrow the war’s over and tanker traffic spools up which means the crude price collapses. But that doesn’t fully account for the sheer scale of what’s already happened.

Eurodollar University's Money & Macro Analysis

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With credit market developments escalating even more, and major market moves accompanying them, we're going to go over where everything stands but also look forward at the potential scenarios coming out of what continues to look like a global bust.

To watch a replay of our webinar, click below.
https://youtube.com/live/dkgSJvjWs5M?feature=share

To take advantage of our limited-time Eurodollar University subscription offer to get access to all EDU materials, reports, and data, visit the link below:

https://www.eurodollar.university/webinar-offer

----------------------------------------------------------------------------------

Hormuz Tracker: Saudi Crude Heads to Pakistan in Rare Transit
https://www.bloomberg.com/news/articles/2026-03-29/hormuz-tracker-saudi-crude-heads-to-pakistan-in-rare-transit

The Strait of Hormuz Oil Shock Is Now Heading West
https://www.bloomberg.com/graphics/2026-iran-war-hormuz-closure-oil-shock/

Asia’s Air Travel Crisis Risks Spreading on Iran War’s Jet Fuel Squeeze
https://www.bloomberg.com/news/articles/2026-03-27/air-travel-crisis-risks-spreading-on-iran-war-s-jet-fuel-squeeze

Pressure Mounts on Europe Diesel Supply as Tankers Turn Away
https://www.bloomberg.com/news/articles/2026-03-30/tankers-carrying-diesel-toward-europe-change-course-in-atlantic

https://www.eurodollar.university
Twitter: https://twitter.com/JeffSnider_EDU