Since 2018, governments have sold more than $85 billion of airport bonds, according to data compiled by Bloomberg.

Private real estate investors have lowered targeted IRRs, but market conditions make it tough to find deals that pencil out.

Direct lenders, already among the largest players in leveraged buyout financing, see an extraordinary opening to grab market share.

Big retailers and manufacturers may not be seeing enough shipping-rate reductions yet to warrant slashing prices further.