Longer-form research, sector commentary, and policy analysis from the desks of Steelbanc Research and Government Affairs. We write when we have something to say.
A close read of announced U.S. greenfield projects suggests the industrial buildout is broadening from semiconductors into mid-cap discrete manufacturing. We unpack the data and what it means for credit demand into 2027.
Direct lenders have absorbed a structural share of LBO financing — and the implications for refinancing windows are not yet fully priced.
We examine how customers across automotive and building products are restructuring inventory cycles in response to extended tariff regimes.
Notes from twenty client visits across Ohio, Indiana, Michigan, and Wisconsin — what owners are saying about capex, hiring, and trade.
Historically, U.S. industrial capex tracks the policy rate with a 6–9 month lag. Since 2023, that relationship has weakened. We argue why, and what it means.
Money-center banks bank the primes. Private credit banks the platforms. Tier 2 components manufacturers — durable cash flows, real collateral — sit in a structural gap. That is our gap.
Four times a year, we send a longer-form letter that summarizes what our portfolio is seeing across U.S. manufacturing. We do not sell subscriber lists.
