Meta borrowed $27bn without borrowing it. In September, the bond fell to 94
What Hyperion is, why lenders want data centers, how Meta financed $27bn without putting it on its balance sheet, and the answer to give in an interview.
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Past issues
A PIK toggle raises a loan's delinquency probability from 3% to 4-5%
Supervisory data on PIK toggles, the sponsor exception that breaks the correlation, and how to use both in an interview.
The question that quietly ends most private credit interviews
Why the biggest-concern question separates candidates who get the offer from those who do not, plus the free memo framework.