Investors are too sanguine after shrugging off recent debt-market distress, according to Crossmark Global Investments. “My key concern is the complacency,” Victoria Fernandez, the firm’s chief market strategist, tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Jean-Yves Coupin in the latest episode of the Credit Edge podcast. “Jamie Dimon talks about the cockroaches, but the investors don’t seem to care,” Fernandez says. They also discuss opportunity and risk in the build-out of AI infrastructure, health-care bond spreads, private credit troubles and the performance of values-based investments.

Investors are too sanguine after shrugging off recent debt-market distress, according to Crossmark Global Investments. &ldquo;My key concern is the complacency,&rdquo; Victoria Fernandez, the firm&rsquo;s chief market strategist, tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence&rsquo;s Jean-Yves Coupin in the latest episode of the Credit Edge podcast. &ldquo;Jamie Dimon talks about the cockroaches, but the investors don&rsquo;t seem to care,&rdquo; Fernandez says. They also discuss opportunity and risk in the build-out of AI infrastructure, health-care bond spreads, private credit troubles and the performance of values-based investments.

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

Crossmark Says Investors Are Too Complacent About Market Risks

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/db2aca6a-ae80-43fc-a5fa-b38601274b7e/transcript

Private credit disarray spells opportunity for housing giant Pretium, which targets high returns by lending to US homebuilders. “Our private credit looks a little bit different than other private credit in the sense that we are secured, we have real good downside protection,” Jon Pruzan, the company’s co-president, tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Erica Adelberg in this episode of the Credit Edge podcast. “We have a lot of people who want capital and not a lot of people providing capital — that puts us in an opportunity to continue to generate attractive returns,” says Pruzan, who was previously chief financial officer at Morgan Stanley. They also discuss housing fundamentals, opportunity by region, how Pretium achieves midteens returns and political risks going into the November US midterm elections.

Private credit disarray spells opportunity for housing giant Pretium, which targets high returns by lending to US homebuilders. &ldquo;Our private credit looks a little bit different than other private credit in the sense that we are secured, we have real good downside protection,&rdquo; Jon Pruzan, the company&rsquo;s co-president, tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence&rsquo;s Erica Adelberg in this episode of the Credit Edge podcast. &ldquo;We have a lot of people who want capital and not a lot of people providing capital &mdash; that puts us in an opportunity to continue to generate attractive returns,&rdquo; says Pruzan, who was previously chief financial officer at Morgan Stanley. They also discuss housing fundamentals, opportunity by region, how Pretium achieves midteens returns and political risks going into the November US midterm elections.

Real Estate Is Next Bet for Debt Investors Avoiding Private Credit

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/70f67b26-294f-4034-82da-b46d011c89f2/transcript

Private lenders are going back to basics as debt trouble spreads, market participants tell Bloomberg News’ James Crombie in this special episode of the Credit Edge podcast. “Boring is beautiful, boring is better right now,” says Christina Lee, managing director at Oaktree Capital Management. The podcast also explores AI debt risks, software distress, how tight bond spreads can go and the state of US consumers with the following guests: Matt Brill, head of North America investment-grade credit at Invesco; Anish Shah, global head of debt capital markets at Morgan Stanley; Lotfi Karoui, multi-asset credit strategist at Pimco; Jody Lurie, Bloomberg Intelligence senior credit analyst; Na Wei, global head of leveraged finance at Barclays; Sheel Patel, head of Mayer Brown’s private credit practice in New York; Shalini Sriram, Third Point’s head of structured credit; and Scott Goodwin, co-founder of Diameter Capital Partners. Interviews were recorded June 3 at Bloomberg’s Global Credit Forum in New York.

 

Private lenders are going back to basics as debt trouble spreads, market participants tell Bloomberg News&rsquo; James Crombie in this special episode of the Credit Edge podcast. &ldquo;Boring is beautiful, boring is better right now,&rdquo; says Christina Lee, managing director at Oaktree Capital Management. The podcast also explores AI debt risks, software distress, how tight bond spreads can go and the state of US consumers with the following guests: Matt Brill, head of North America investment-grade credit at Invesco; Anish Shah, global head of debt capital markets at Morgan Stanley; Lotfi Karoui, multi-asset credit strategist at Pimco; Jody Lurie, Bloomberg Intelligence senior credit analyst; Na Wei, global head of leveraged finance at Barclays; Sheel Patel, head of Mayer Brown&rsquo;s private credit practice in New York; Shalini Sriram, Third Point&rsquo;s head of structured credit; and Scott Goodwin, co-founder of Diameter Capital Partners. Interviews were recorded June 3 at Bloomberg&rsquo;s Global Credit Forum in New York.
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Oaktree Says Boring is Beautiful In Dicey Private Credit Market

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/17028859-4456-4c46-8fcf-b4660149dfb2/transcript

Robust demand from pensions and insurance companies will support corporate debt through macroeconomic headwinds and record supply, according to Goldman Sachs. “Spreads are tight to the prewar levels when the facts on the ground have unquestionably become more challenging,” Amanda Lynam, Goldman’s chief credit strategist, tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Robert Schiffman in the latest Credit Edge podcast. “That is this uncomfortable tension that we have in the credit market,” Lynam says. “Sentiment around the yield-based buyer is really in the driver’s seat.” They also discuss the AI funding boom, private-credit risks, CCC underperformance and where to find value in structured products.

Robust demand from pensions and insurance companies will support corporate debt through macroeconomic headwinds and record supply, according to Goldman Sachs. &ldquo;Spreads are tight to the prewar levels when the facts on the ground have unquestionably become more challenging,&rdquo; Amanda Lynam, Goldman&rsquo;s chief credit strategist, tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence&rsquo;s Robert Schiffman in the latest Credit Edge podcast. &ldquo;That is this uncomfortable tension that we have in the credit market,&rdquo; Lynam says. &ldquo;Sentiment around the yield-based buyer is really in the driver&rsquo;s seat.&rdquo; They also discuss the AI funding boom, private-credit risks, CCC underperformance and where to find value in structured products.

Goldman Sachs Sees ‘Uncomfortable Tension’ in Credit Markets

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/81c2dd41-0438-4a69-86ca-b45f014534b2/transcript

Crossmark Says Investors Are Too Complacent About Market Risks

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