Life is getting tough for borrowers. Where will the pain be felt?

After americansvbubssvb regulators seized control of a collapsing (), the fallout felt unpleasantly familiar. The biggest bank failure since 2008 was swiftly followed by others. Signature Bank fell two days later. Another week and fleeing investors had forced Credit Suisse, a 167-year-old Swiss bank, into a with its rival . Fifteen years ago a cascade of such failures prompted a global credit crunch, as financial institutions drastically tightened lending standards in an attempt to protect themselves, which was followed by the worst downturn in generations. Was a repeat under way?A month on, the answer appears to be a merciful “no”—or, at least, a “not yet”. Investors are shunning bank shares. Those of some regional American lenders have been brutalised: one, First Republic, has seen its stock price plunge by more than 90% since February. For six days after ’s collapse the bond market was in effect closed, with no new bonds issued by American firms.