A bit of a lockdown in the US: a cold or the flu?

BarcelonaPronounce the word playpen In the financial sector, it's like shouting "Bomb!" inside an airplane, even if there isn't one. Nothing is more unsettling than going to withdraw your money and being told you can't. The truth is, we operate in a system based on trust. We all know that no institution can return money instantly if everyone demands it at once. And when this happens, the... playpenThis involves preventing or limiting withdrawals so that financial institutions don't run out of liquidity. Argentinians know this well, having experienced it in 2002; Cypriots in 2013; and Greeks in 2015.

When a large fund is forced to limit cash withdrawals, as BlackRock has had to do with HPS, due to significantly higher-than-usual redemption requests, it creates an atmosphere of panic. Investors tend to overreact. This is especially true given recent precedents in the private debt fund segment, which focuses on lending to companies, such as the Blue Owl fund manager, which had to suspend cash withdrawals from one of its private debt funds. A certain unease about the situation of some institutions has been circulating for some time. Jamie Dimon, the all-powerful CEO of the American banking giant JP Morgan Chase, He warned a few months ago that "if you see one cockroach, there are probably more." He was referring to the bankruptcy of two automotive companies that caused losses in several US banks.

Private debt is a very common market in the US. It's around two trillion dollars (yes, with bIn principle, it's a model that seems distant to us, like the Silicon Valley Bank and Signature Bank crisis of 2003, two highly specialized and regional entities, characteristics very common in the US. But we also thought the 2008 crisis, which initially erupted in the US, was far removed from our reality. And, in such an interconnected economy, we discover that a Sabadell banker unknowingly held a portion of the debt of a Wisconsin resident who had defaulted on their mortgage. In time, we will know if the BlackRock decision, which affects the worrying segment of the shadow bankingThat is, shadow banking, without the regulation or supervision of traditional financial institutions, is just a cold, the flu, or pneumonia.