For EM private credit, the hit isn't just one channel. It's USD funding costs, FX pressure, and LP hurdle rates all tightening at once. The question isn't whether yields stay high - it's how fast the repricing moves through the system.

In LatAm fintech, equity is getting scarcer and more selective. The lenders with proven books are funding growth with structured credit instead. Mexico's split was $733M debt vs $24M equity in Q3. That ratio matters for how you underwrite.

The IMF assumes conditions normalize by October 2027. The historical analogs say that timeline works for oil and sovereign spreads. For shipping insurance, foreign airlines and leisure tourism, the data points somewhere between 2028 and 2029.

The real question is not collateral tenor. It is facility design and verification infrastructure. Who holds the option, what does it cost to exercise, and can you actually exit when you need to?