Eurodollar University Oh No… Now It’s European Private Credit
Feb 27, 2026
Discussion of growing worries about European private credit and insurers publicly distancing themselves. Examination of which banks have large exposures to non-bank lenders. Coverage of a surge in government bond buying as banks turn highly risk averse.
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AXA Acknowledges Private Credit Risks While Reassuring Investors
- AXA admits private credit could cause fallout and says its exposure is far below competitors because it was 'very mindful' in the past.
- AXA CEO Thomas Buberl's public reassurance is also an implicit admission the market is worrying investors.
Allianz Actively Reducing Private Credit Footprint
- Allianz says it is separating itself from trends in private credit and is comfortable with its exposure despite large unlisted holdings.
- Allianz reported ~€603bn debt instruments, ~25% unlisted in mortgages, infrastructure, and private placements.
Deutsche Bank Stands Out For Shadow Banking Exposure
- Deutsche Bank has the largest exposure to non-bank financial institutions among European lenders, with ~30% of loans tied to NBFIs versus 8% peers' average.
- UBS research highlights how regulation and growth in private/public debt markets drove these links.