Private credit could become a $40 trillion market in five years, according to Apollo Global Management. “We’re going to get there really soon,” Akila Grewal, the firm’s global head of credit product, tells Bloomberg News’ James Crombie and Bloomberg Intelligence analyst Matt Geudtner in the latest Credit Edge podcast. Currently, “we estimate it’s a $20 trillion market,” she adds, referring to asset-based finance. Grewal and Geudtner also discuss relative risk and returns between public and private markets, retail investment, real estate opportunities, advantages for borrowers to raising capital privately and the fundraising environment. 

Private credit could become a $40 trillion market in five years, according to Apollo Global Management. &ldquo;We&rsquo;re going to get there really soon,&rdquo; Akila Grewal, the firm&rsquo;s global head of credit product, tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence analyst Matt Geudtner in the latest Credit Edge podcast. Currently, &ldquo;we estimate it&rsquo;s a $20 trillion market,&rdquo; she adds, referring to asset-based finance. Grewal and Geudtner also discuss relative risk and returns between public and private markets, retail investment, real estate opportunities, advantages for borrowers to raising capital privately and the fundraising environment.&nbsp;

The Credit Edge reviews the top credit news of the week and looks at the week ahead, with in-depth research of the most important corporate sectors, trends and themes. Analysis of specific corporate bonds and credit default swaps is backed by Bloomberg Intelligence's robust data sets and indexes.

The Credit Edge reviews the top credit news of the week and looks at the week ahead, with in-depth research of the most important corporate sectors, trends and themes. Analysis of specific corporate bonds and credit default swaps is backed by Bloomberg Intelligence's robust data sets and indexes.

The Credit Edge by Bloomberg Intelligence

Apollo Sees Private Credit Sprinting to $40 Trillion

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/87e58e1c-bbaa-4977-ad41-b24b010383a6/transcript

Marker 01

Intro

Jame AUdio Mouse Click

Bit of a stilted cut to get rid of capital

Credit spreads are poised to hit record tight levels in the first quarter, even as debt issuance rises, according to participants in this special 2025 outlook edition of the Credit Edge podcast, hosted by Bloomberg’s James Crombie. We discuss bonds, loans, private credit — and bourbon — with the following guests: Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research; Ana Arsov, global head of private credit at Moody’s; Matt Brill, Invesco’s head of North America investment-grade credit; Meghan Robson, BNP Paribas’ head of US credit strategy; Meghan Graper, global head of debt capital markets at Barclays; Winnie Cisar, global head of strategy at CreditSights; Matt Mish, head of credit strategy at UBS; Oleg Melentyev, Bank of America’s head of high-yield credit strategy; and Aidan Cheslin, senior credit analyst at Bloomberg Intelligence.

Credit spreads are poised to hit record tight levels in the first quarter, even as debt issuance rises, according to participants in this special 2025 outlook edition of the Credit Edge podcast, hosted by Bloomberg&rsquo;s James Crombie. We discuss bonds, loans, private credit &mdash; and bourbon &mdash; with the following guests: Kathy Jones, chief fixed income strategist at the Schwab Center for Financial Research; Ana Arsov, global head of private credit at Moody&rsquo;s; Matt Brill, Invesco&rsquo;s head of North America investment-grade credit; Meghan Robson, BNP Paribas&rsquo; head of US credit strategy; Meghan Graper, global head of debt capital markets at Barclays; Winnie Cisar, global head of strategy at CreditSights; Matt Mish, head of credit strategy at UBS; Oleg Melentyev, Bank of America&rsquo;s head of high-yield credit strategy; and Aidan Cheslin, senior credit analyst at Bloomberg Intelligence.

Bourbon and Bonds: The Credit Edge 2025 Outlook

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/65cd46c1-22df-4219-909f-b2490114f0f5/transcript

Swelling demand for limited supply of corporate bonds and loans could spell trouble for credit markets, according to PineBridge Investments. “The thing that gives me a lot of pause right now — and some concern — is the lack of net new supply versus the amount of demand out there,” said Jeremy Burton, the firm’s portfolio manager for US high yield and leveraged loans. “That leads to the risk that the market as a whole will make subpar credit decisions,” he tells Bloomberg News’ James Crombie and Bloomberg Intelligence senior credit analyst Jody Lurie, in the latest Credit Edge podcast. Burton and Lurie also discuss the state of the consumer, default rates, coercive liability management, as well as risks in the media, health care and software sectors.

Swelling demand for limited supply of corporate bonds and loans could spell trouble for credit markets, according to PineBridge Investments. “The thing that gives me a lot of pause right now — and some concern — is the lack of net new supply versus the amount of demand out there,” said Jeremy Burton, the firm’s portfolio manager for US high yield and leveraged loans. “That leads to the risk that the market as a whole will make subpar credit decisions,” he tells Bloomberg News’ James Crombie and Bloomberg Intelligence senior credit analyst Jody Lurie, in the latest Credit Edge podcast. Burton and Lurie also discuss the state of the consumer, default rates, coercive liability management, as well as risks in the media, health care and software sectors.

PineBridge Fears Credit Calamity as Demand Balloons

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/56bdaefe-9eac-4ae5-a372-b244010ebeb0/transcript

Real estate and private equity are a better investment than direct lending, according to JPMorgan Asset Management. Those two have repriced on higher rates, while private credit hasn’t, Gabriela Santos, the firm’s chief market strategist for the Americas tells Bloomberg News’ James Crombie and Bloomberg Intelligence senior credit analyst Robert Schiffman, in the latest Credit Edge podcast. “It’s been interesting to see signs that actually commercial real estate seems to be bottoming and turning around,” said Santos. Santos and Schiffman also discuss the likelihood of bond spreads staying tight, CCC bond risk, the market impact of trade wars and the technology sector debt outlook.

Real estate and private equity are a better investment than direct lending, according to JPMorgan Asset Management. Those two have repriced on higher rates, while private credit hasn’t, Gabriela Santos, the firm’s chief market strategist for the Americas tells Bloomberg News’ James Crombie and Bloomberg Intelligence senior credit analyst Robert Schiffman, in the latest Credit Edge podcast. “It’s been interesting to see signs that actually commercial real estate seems to be bottoming and turning around,” said Santos. Santos and Schiffman also discuss the likelihood of bond spreads staying tight, CCC bond risk, the market impact of trade wars and the technology sector debt outlook.

JPMorgan Likes Real Estate More Than Private Credit

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/a95d3e9d-fa22-480e-b0e5-b23d0108ab83/transcript

Apollo Sees Private Credit Sprinting to $40 Trillion

In 1 playlist(s)

The Credit Edge by Bloomberg Intelligence

Social links

Follow podcast

Recent clips