MEMBER HIGHLIGHT - SER member Andrew Auslander authored a recent article, “Credit Spreads Are Tight, Liquidity Is Not,” examining why corporate credit spreads remain historically tight in early 2026 even as underlying liquidity risks continue to build. He highlights the tension between strong technical demand in investment‑grade credit and warning signals from Treasuries, AI‑driven long‑duration issuance, Basel III incentive distortions, and structural vulnerabilities in private credit markets. The piece argues that today’s compressed valuations mask interconnected liquidity fragilities that could reprice abruptly — a dynamic with meaningful implications for investors, regulators, and expert witnesses. Andrew, a CFA and FRM, is Managing Principal of Agile Financial LLC and a finance expert in areas including complex derivatives and illiquid securities valuation, asset‑based lending, repo trading, and product management. His full article is available on Navesink International’s website and has been added to SER’s Library for members.
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