Hi Herman, thanks for your question.

On the loan side, these creditors are banks and non-bank lenders (i.e., private debt fund managers, CLO fund managers).

On the bond side they are mostly institutional investors (our pension fund managers, for instance) but also increasingly central banks.

In short, these lenders are institutions managing other people's money. I call them debtists, rather than capitalists - because bona fide capitalists are meant to invest their own money.