NEWSLETTER of April 24, 2026

The following content has been added at finexpert:

We updated the capital market data

(Multiples, Betas and Returns) as to April 15, 2026 >more

Adams Street
2026 GLOBAL INVESTOR SURVEY: THE GREAT RECALIBRATION
Adams Street Partners, LLC, a leading private markets investment management firm with more than $65 billion in assets under management (“Adams Street”), released its 2026 Global Investor Survey, the firm’s sixth annual report. Findings point to a shift in investor behavior: confidence in private markets remains strong, but capital is being deployed with greater selectivity, discipline, and urgency around liquidity. Titled The Great Recalibration: Liquidity, Discipline, and a More Selective Opportunity Set, the report captures an industry at an inflection point. While 84% of respondents expect private markets to outperform public markets over the long term, investors are reassessing pacing, manager relationships, and portfolio construction in response to constrained distributions, geopolitical risk, and rapid technological change. >more

Amundi
CAPITAL MARKET ASSUMPTIONS 2026: ADAPTING TO RUPTURES
Our 2026 CMA points to appealing opportunities across different asset classes over the next decade. Domestic bonds continue the trend of the past few years towards higher expected returns, while equities still offer solid upside potential. In both fixed income and equities, emerging markets are appealing, not only for their return potential but also for the diversification benefits they offer. Private assets also remain important structural components of strategic allocations, but illiquidity and complexity underscore the need for careful selection. Gold’s expected return reflects its role in the global reserve system and its usefulness as a strategic diversifier. >more

KfW Research
KFW-KREDITMARKTAUSBLICK APRIL 2026
New lending by German banks to businesses and the self-employed was held back at the end of 2025 by a slump in business investment. New lending grew by just 1.4% year-on-year in the fourth quarter. The sharp rise in energy costs is exacerbating inflationary risks and increasing pressure on lending rates. This also alters the outlook for corporate lending: instead of the hoped-for recovery in investment, new lending is expected to be driven primarily by the need for additional liquidity to cover increased operating and input costs. KfW Research anticipates an acceleration in new lending in the second quarter. >more

Robeco
PRIVATE CREDIT: THE GOOD, THE BAD, AND THE ILLIQUID
Private credit is a USD 2.1 trillion market providing higher yields through non-bank, largely sub-investment grade lending. While it performed well during years of low interest rates, rising inflation, higher rates, geopolitical tensions and AI-driven disruption are now exposing structural weaknesses. Valuations are opaque, correlations rise in stress periods, and default risks may be higher than headline figures suggest. Heavy exposure to tech and extensive leverage increase vulnerability. With nearly USD 480 billion of debt maturing, refinancing challenges could trigger restructurings. The sector is not collapsing, but is entering a more fragile, illiquid phase where returns depend on careful manager selection and restructuring expertise. >more

BANKS' IMAGES: EVIDENCE FROM ADVERTISING VIDEOS
Xugan Chen, Allen Hu, and Song Ma
2024
This paper examines how banks strategically develop brand images and how these efforts influence franchise value and the transmission of monetary policy. Analyzing TV advertisements via video embeddings, we measure banks' images along three dimensions: pricing advantages, service quality, and building trust and emotional connections. Banks with high local market shares highlight service and trust. Banks lacking pricing or service advantages lean on emotional appeals. Banks tailor images to demographics, increasing minority representation in targeted areas. A border discontinuity design helps identify that banks' images affect deposit growth, spreads, and loan demand, leading banks to respond differently to monetary policy. >more

DOLLAR EROSION: UNDERSTANDING THE LOSS OF RESERVE CURRENCY STATUS
Zhengyang Jiang, Arvind Krishnamurthy, Hanno Lustig, and Robert Richmond
2025
The U.S. dollar depreciated in April 2025 while domestic interest rates rose relative to Euro, the VIX increased, and the convenience yield on 1-year Treasurys fell relative to foreign-currency safe assets. These patterns represent a marked departure from historical correlations. Notably, the decline in the dollar convenience yield predates the April 2025 shock by two years. Our theoretical analysis shows that these movements are consistent with shifts in global demand for U.S. dollar safe assets and the perception that the U.S. may lose its reserve currency status. Using a calibrated model, we find that the loss of demand for dollar safe assets leads to a steady-state depreciation of the dollar of around 7.6%, decline in U.S. dollar safe asset convenience yield of 0.9%, and an increase in U.S. long-term interest rates of 0.9%. >more