The bond market has historically functioned as an early warning system for corporate default risks on public debt. Investors watch bond spreads and credit ratings closely to gauge financial health. But here's the catch: private credit markets operate without the same level of transparency. When debt stays off public exchanges, there's no equivalent alarm bell ringing when trouble brews. This structural gap raises real questions about hidden risks accumulating in less-regulated corners of the credit ecosystem. Without standardized price discovery and real-time information flow, market participants are essentially flying blind when it comes to private debt exposure.