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August 08, 2026
Partner, Chief Economist
Banks provide less than one-fifth of nonfinancial corporate debt, down from half in the 1970s.
What replaced banks is not one thing but many: syndicated and public markets for the largest borrowers, and private capital for everything that needs certainty of execution, customized structures, or longer duration than a bank balance sheet can comfortably hold.
The bottom line is that the financial system has shifted from short-dated deposit funding toward long-dated institutional capital, matched more closely to the assets it finances.
A wider lender base means borrowers have more places to go, which is good for growth and financial stability. Credit risk now sits with long-duration investors who chose the exposure and are funded to hold it through a cycle, rather than on leveraged, deposit-funded bank balance sheets.
Sources: FRB, Haver Analytics, Apollo Chief Economist
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