2020-04-01 Bloomberg Markets Magazine

Contents

COVER ARTWORK BY

ARMANDO VEVE

70

A Private Moment

Storm Shelter
64

58

Punishing Polluters

Giving Credit
52

48

American Risk

The Next Disruption
15

Owl Rock Capital co-founder Marc Lipschultz discusses the direct-lending model

By Kelsey Butler

Barbadian Prime Minister Mia Mottley is negotiating debt contracts that would

give the island some respite if natural disaster strikes

By Ezra Fieser

Knut Kjaer ran Norway’s oil fund. Now he’s trying to use credit markets

to clean up the planet

By Charles Daly

Data depict the state of credit markets around the world

By Shannon Harrington

Nuveen’s John Miller, who helped build the high-yield municipal debt market,

is optimistic it can bounce back

By Danielle Moran and Amanda Albright

Covid-19 looks set to inaugurate a turbulent political and economic era

By Pankaj Mishra

Olga Jones, a former World Bank economist, describes her reservations about

bonds designed to fund emergency health-care needs

By Tracy Alloway

Do Pandemic

(^11) Bonds Work?
“For this issue,
I developed an
atmospheric
representation
of credit,
which can be
to provide
a visual that’s
spectacular
and energizing,
yet potentially
catastrophic.”
empowering
but can also lead
to ruin. A meteor
shower raining
over a fragile
ecosystem seemed
VOLUME 29
ISSUE 2

APRIL / MAY 2020 The Credit I ssue