Eurodollar University

BREAKING: Private Credit’s ‘Lehman Moment’ Just Happened

Underscoring the global nature of private credit and the credit cycle, one of India’s biggest borrowers has announced it will be delaying principal and interest payments on one of its biggest junk bonds. And who are the primary owners of said bonds? Private credit funds like Cerberus and regulated institutions like Deutsche Bank. The specific bonds in question aren’t going to bring down either one, but the missed cash payments do highlight more behavior consistent with a shift in the cycle and what that means. Eurodollar University's Money & Macro Analysis ---------------------------------------------------------------------------------- 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 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 ---------------------------------------------------------------------------------- Top Indian Private Credit Borrower Delays Paying 20.75% Bond https://www.bloomberg.com/news/articles/2026-04-24/india-s-shapoorji-gets-nod-to-delay-bond-days-before-maturity Jeffrey Gundlach Rips TCW Group Over Red Lobster ‘PIK Magic’ https://www.bloomberg.com/news/newsletters/2026-04-18/jeffrey-gundlach-rips-tcw-group-over-red-lobster-pik-magic Bank of England Deputy Governor Warns of Private Credit Crunch https://www.bloomberg.com/news/articles/2026-04-22/private-credit-crunch-risk-spurs-boe-s-stress-test-breeden-says Traders Return to Fed Funds Wager That Surged During Repo Stress https://www.bloomberg.com/news/articles/2026-04-22/traders-return-to-fed-funds-trade-that-surged-during-repo-stress https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

The Next 60 Days Will Change Everything

The global economy is being set right up for a brutal summer, according to the latest incoming data. Manufacturing is up right now, but the faster it goes today the worse it is going to be in the coming months. Services, the majority of the economy, are starting to get crushed – Europe, for example, it just set a 62-month low. This is the same general setup as last year which fed right into job losses, contracting incomes, rising unemployment...and more Pringles.  Eurodollar University's Money & Macro Analysis ----------------------------------------------- What is a Eurodollar University membership? It’s where understanding the monetary world isn’t a mystery—it's a method. If you’re serious about your financial education and want clarity in a world of volatility and massive uncertainty, you’re in the right place.  Ready to explore? Master monetary systems – past and future - with structure, clarity, and confidence. Visit https://eurodollar.university/membership ------------------------------------------------- SPG US PMIs https://www.pmi.spglobal.com/Public/Home/PressRelease/8bdf1bb2dddf420e9c0e9d7e22f75c09 SPG EZ PMIs https://www.pmi.spglobal.com/Public/Home/PressRelease/89d5df92554f42589275c1d9ddb5fde3 SPG Japan PMIs https://www.pmi.spglobal.com/Public/Home/PressRelease/f65b1852016d49a5abde92a6b742f9bc https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

EU Sends Huge Oil Warning That is Spreading To The Rest of The World

European consumer sentiment is in "free fall", in the European govt's own words. DHL’s CEO warned the world is heading for a quote tipping point – in other words, the race against time. Economic sentiment just crashed. Unemployment in places like Scandinavia has jumped while in the UK job losses have returned alongside the appearance of one of the worse labor market outcomes, the dropout.  Eurodollar University's Money & Macro Analysis ---------------------------------------------------------------------------------- What if your gold could actually pay you every month… in MORE gold? That’s exactly what Monetary Metals does. You still own your gold, fully insured in your name, but instead of sitting idle, it earns real yield paid in physical gold. No selling. No trading. Just more gold every month. Check it out here: https://monetary-metals.com/snider ---------------------------------------------------------------------------------- DHL CEO Warns of ‘Tipping Point’ Risk If Oil Shortage Persists https://www.bloomberg.com/news/articles/2026-04-21/dhl-ceo-warns-of-tipping-point-risk-if-oil-shortage-persists European Union Flash Consumer Confidence April 2026 https://economy-finance.ec.europa.eu/document/download/11ffc7fa-f14b-4ed7-a44c-2e45fa85fec5_en?filename=Flash_consumer_2026_04_en.pdf German Investor Outlook Drops to Worst Since 2022 on Iran War https://www.bloomberg.com/news/articles/2026-04-21/german-investor-outlook-drops-to-worst-since-2022-on-iran-war Germany Halves 2026 Growth Forecast After Hit From Iran War https://www.bloomberg.com/news/articles/2026-04-22/germany-halves-growth-forecast-for-2026-after-hit-from-iran-war https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU

The Strait of Hormuz Is Breaking the Global Dollar System

Countries REALLY don't want to go to DC and ask for a dollar swap line. One nation just did (according to WSJ) and it is one of the most critical redistribution centers in the eurodollar system. While the usual suspects go on about "dedollarization" and petroyuans, over here in the real world the consequences from lack of oil flow include a shortfall of dollars as much as oil. Eurodollar University Money & Macro Analysis U.A.E. Asks U.S. About a Wartime Financial Lifeline https://www.wsj.com/world/middle-east/u-a-e-asks-u-s-for-a-wartime-financial-lifeline-3f9ea3a0 Qatar Warns of ‘Huge’ Economic Fallout From War in Coming Months https://www.bloomberg.com/news/articles/2026-04-15/qatar-warns-of-huge-economic-fallout-from-war-in-coming-months

OMG! Did You See What Just Happened in China

Interest rates in China’s bond market are aggressively declining, more at the short-term maturities. It’s a classic bond bull case, which means it isn’t bullish. The question is where this is coming from. Inside the country or outside? As if that wasn’t the only big signal, the Chinese government just did something that will have you shaking your head where it comes to consumer spending and retail sales data.  Eurodollar University's conversation w/Steve Van Metre In a world where markets swing on every headline, focus matters. That’s why Eurodollar University offers One Big Weekly Theme — a disciplined, thematic analysis you can count on. If you don’t have the time to go all the way to the depth of Eurodollar University’s comprehensive Deep Dive Analysis and want the next best thing, One Big Weekly Theme is for you.  Visit https://eurodollaruniversity.substack.com https://www.eurodollar.university Twitter: https://twitter.com/JeffSnider_EDU