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