$PUBDEBT - Public debt offers superior liquidity and exit options compared to private credit, making it more attractive during potential credit stress periods
Bearish:
$PRIVCRED - Increased competition from new entrants and excess capital has eroded private credit's traditional advantages, suggesting deteriorating fundamentals in this popular sector
$SUBIG - After 16 years of benign credit conditions, hidden risks are likely accumulating in sub-investment grade debt markets as the worst loans are typically made during the best times