Pulkit Sanganeria
Finance notes by Pulkit Markets · Macro · Capital New writing weekly

I write about markets,
money, and what moves them.

I’m Pulkit, a student in Dubai. I write about the finance topics I keep coming back to: markets, monetary policy, private capital, and how they fit together.

About the research

Latest research note

Capital

Private Credit's First Real Test: What the Default Rate Is Not Telling You

The asset class reported defaults below 2% while roughly 6% of loans had stopped paying cash interest. The gap between those two numbers is the entire risk.

11 min read

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Recent notes

All 9 articles
  1. 02
    Macro

    Japan and the Price of Duration Everywhere

    The 40-year JGB broke 4% for the first time since the maturity existed. When the world's anchor buyer of long bonds starts needing its capital at home, every long bond reprices.
  2. 03
    Capital

    The AI Build-Out Becomes a Credit Story

    Incremental debt funded 9% of hyperscaler capex in 2024 and 32% by mid-2026. The risk has moved from shareholders who signed up for it to bondholders who did not.
  3. 04
    Markets

    The Glut That Did Not Arrive: Global Gas After Ras Laffan

    Everyone underwrote an LNG surplus for 2027. Two destroyed liquefaction trains and a delayed expansion pushed it to the end of the decade, and contracts written for the old schedule are now mispriced.
  4. 05
    Macro

    The Rupee, the Outflow, and What the Reserve Bank Actually Controls

    Foreign investors pulled more from Indian equities in seven months than in all of 2025, and the rupee hit a record low. Almost none of the cause was decided in India.
  5. 06
    Macro

    The Shadow Monetary Policy of Stablecoins: Threats and the Vulnerability of Multi-Issuance Architectures

    The stablecoin market is roughly $313 billion, not the several trillion usually quoted. Getting the scale right changes the diagnosis: the danger is structural, not size.

All nine articles

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01 Capital 10 Aug 2026

Private Credit's First Real Test: What the Default Rate Is Not Telling You

The asset class reported defaults below 2% while roughly 6% of loans had stopped paying cash interest. The gap between those two numbers is the entire risk.

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How I approach it

I start with a question, look for the best sources I can find, and explain what I learned without pretending I know more than I do.

01

Read the primary sources before the commentary.

02

Keep the facts separate from my interpretation.

03

Be clear about what could change my mind.