Axios

90% of the debt issued out of private equity shops is rated B2 or lower, according to a new Moody's report. That's not just junk-rated, it's even worse than that.

If you look at junk-rated companies that aren’t sponsored by PE firms, only 40% of them have debt rated that low. Moody's credit-rating scale has 10 "investment-grade" ratings, from Aaa to Baa3. The bottom 11 ratings, from Ba1 to C, are considered "speculative," or junk. A B2 rating is deep into junk status and means there's a very significant chance you'll end up in default.

You might have missed the huge market rally last week, what with all the political news and stock market noise. The price on the benchmark 10-year Treasury bond rose from 100.22 on Monday morning to 102.12 at the close on Friday.

Why it matters: That's a massive move in the world of bond investors. It brought the yield on the bond from 3.04% all the way down to 2.85%. (Yields go down when prices go up.) Bonds vastly outperformed the stock market, which fell by 5.6% from Monday's open to Friday's close.

Tech leaders met with President Trump this week, and a Facebook document dump showed new evidence of its aggressiveness. Here are five other stories in tech you may have missed.

Catch up quick: A task force created by Trump said the U.S. Postal Service should charge more to ship some packages; after a fan uproar, Netflix renewed “Friends” for a hefty price; marketers are risking free advertising to target smart speaker owners; the ACLU outed facial recognition plans from the Secret Service; and Canada revealed a series of fraud charges against a Huawei executive.

Walmart CEO Doug McMillon said he keeps a photo of the top 10 retailers in the United States throughout the last few decades to remind him how quickly "companies come and go" and how quickly they can fold, CNBC reports.

"After learning from so many people ... we know that retailers come and go ... Businesses grow and they don't change enough and they decline over time. Retailers do that on a bit of a faster cycle."

Uber filed paperwork confidentially this week for its initial public offering, The Wall Street Journal reports.

Why it matters: Private financing has outpaced IPO fundraising in tech since the '90s, per a previous Axios report. Now, both Uber and Lyft's IPOs are expected to be the largest among the many companies in Silicon Valley that are aiming for 2019 stock market debuts.