Private Credit Funds

Banks have to borrow on the wholesale market. It means that their cost of funds are just higher now than they were, which is why higher rates don't necessarily mean a bigger risk return profile. But credit funds, you've already seen here that more and more private equity funds are launching private credit funds. This is all money that's on balance. You'd already raise from investors, higher interest rates don't affect their cost of funding. So I would expect that trend to expand across the globe, really.