Companies that borrowed from private markets are struggling to pay as interest rates surge, according to Bloomberg News’ Kat Hidalgo. There’s more distress to come amid record levels of fundraising and ever-increasing deal sizes, Hidalgo says. In this episode of the Credit Edge Podcast, Bloomberg News senior editor James Crombie also asks Bloomberg Intelligence analyst Andrew Chan about the brewing debt crisis in China. Offshore bonds from local government financing vehicles may provide relative value with yields above 15% — assuming they can avoid default, Chan says.