Just today over in Europe, two of the continent’s biggest insurance companies put out statements that show this thing has already gotten very serious. At the same time of course, European banks just bought another epic amount of govt bond safety, the second most in any month on record, after telling the ECB they’re highly risk averse and who can blame them with everything that keeps coming out. 

Eurodollar University's Money & Macro Analysis

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Insurers See Themselves Shielded From Private Credit Worries
https://www.bloomberg.com/news/articles/2026-02-26/axa-s-buberl-sees-concern-over-private-credit-says-exposure-low

Deutsche Bank Leads EU Lenders’ Exposure to Shadow Banks
https://www.bloomberg.com/news/articles/2025-12-11/deutsche-bank-most-exposed-in-europe-to-shadow-banks-ubs-says

https://www.eurodollar.university
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