Q3 2026: Borrowing From the Future

Published on October 21, 2026

Narratives are almost always wrong: clever stories that explain the past and say nothing about the future. One may be right. AI may become the dominant technology of the century and render much of the present economy obsolete.

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Improved Optics But Unchanged Economics in Software Loans

October 21, 2026
This year, the software sector has been one of the worst-performing pockets of the leveraged loan market amid fears that AI would severely disrupt existing business models. The sector’s underperformance has also weighed on the leveraged loan asset class as a whole, given its more than 10% weight in the overall Morningstar LSTA US Leveraged Loan Index.

US Treasuries: A Market in Transition

October 21, 2026
The US Treasury market is entering a new era. Financing government debt is becoming less about capital availability and more about the yield required to attract it.