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.

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

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

A sustained period of elevated interest rates has the potential to cause pain in the fastest-growing part of corporate debt, according to RBC Global Asset Management. “We are concerned about how the direct lending private credit space would deal with a higher-for-longer world,” said Andrzej Skiba, the firm’s head of US fixed income. “You’re much better off in public markets because the leverage profile, the interest coverage ratios are just so much better,” he tells Bloomberg News’ James Crombie and Bloomberg Intelligence senior credit analyst Mike Holland, in the latest Credit Edge podcast. Holland and Skiba also discuss value in financial-sector debt, technology and media bond opportunities, coercive liability management exercises and 2025 bond market returns.

A sustained period of elevated interest rates has the potential to cause pain in the fastest-growing part of corporate debt, according to RBC Global Asset Management. &ldquo;We are concerned about how the direct lending private credit space would deal with a higher-for-longer world,&rdquo; said Andrzej Skiba, the firm&rsquo;s head of US fixed income. &ldquo;You&rsquo;re much better off in public markets because the leverage profile, the interest coverage ratios are just so much better,&rdquo; he tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence senior credit analyst Mike Holland, in the latest Credit Edge podcast. Holland and Skiba also discuss value in financial-sector debt, technology and media bond opportunities, coercive liability management exercises and 2025 bond market returns.

RBC Sees Private Credit in Peril as Rates Stay High

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/229920fe-e27f-41ad-b2db-b25000dfdeaf/transcript

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;

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

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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

JPMorgan Likes Real Estate More Than Private Credit

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