Private lending is the best opportunity in debt markets today, says Tristram Leach, co-head of European credit at Apollo Global Management. “If I had to pick a single area that I think you’re meant to lean in to — and frankly, where we’re seeing clients lean in to as well — it is private credit,” he tells Bloomberg News senior reporter Lisa Lee and senior editor James Crombie. An extra 200 bps over publicly syndicated loans is enough compensation for the relative lack of liquidity, he adds. Also in this episode of the Credit Edge, Bloomberg Intelligence analyst Matthew Geudtner weighs the benefits to company pension plans from higher rates. And he flags Raytheon, a unit of RTX, as one to watch after it announced a $10 billion debt-funded share buyback program.