Bank Failures Raise Awareness Of ‘Systemic Credit Events,’ Poll Shows

If you ask fund managers who together steward some $600 billion in AUM, the biggest tail risk is now a "systemic credit event." That's according to the March vintage of BofA's closely-watched Global Fund Manager survey, and I suspect it was an easy call. After all, the survey period was March 10 through March 16, a period during which there were two near-miss systemic credit events (SVB and Credit Suisse). I call them "near-miss" events because SVB wasn't systemic in and of itself, and Credit