US billionaires and sovereign wealth funds are going to get more active in global sports investing, according to Andalusian Credit Partners. “The US invasion into other markets is just getting started,” Aaron Kless, the US middle-market direct lending platform’s chief executive officer, tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Arnold Kakuda in this episode of the Credit Edge podcast. “A lot of the largest sovereign wealth funds are interested in getting deeper into sports investing,” adds Kless, whose firm focuses on sports, media and entertainment. Kless and Kakuda also discuss the next big sports deal, the high cost of being a fan and how not to get trapped in the vanity play.

US billionaires and sovereign wealth funds are going to get more active in global sports investing, according to Andalusian Credit Partners. &ldquo;The US invasion into other markets is just getting started,&rdquo; Aaron Kless, the US middle-market direct lending platform&rsquo;s chief executive officer, tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence&rsquo;s Arnold Kakuda in this episode of the Credit Edge podcast. &ldquo;A lot of the largest sovereign wealth funds are interested in getting deeper into sports investing,&rdquo; adds Kless, whose firm focuses on sports, media and entertainment. Kless and Kakuda also discuss the next big sports deal, the high cost of being a fan and how not to get trapped in the vanity play.

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

US Billionaires Are Only Just Getting Started on Their Global Sports Invasion

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Business development company turmoil is making direct lenders cautious on corporate debt risk, according to PGIM, which oversees more than $200 billion in private credit. “It’ll have a bit of a chilling effect,” Matt Harvey, the firm’s global head of middle-market direct lending, tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Matthew Geudtner in the latest Credit Edge podcast. “As a lender you’re a little bit more conservative, you’re a little bit more rational in terms of your view on how to structure the asset, how to price it,” Harvey says. They also discuss default rates, loan marks, the consumer staples sector and relative value in European direct lending.

 

Business development company turmoil is making direct lenders cautious on corporate debt risk, according to PGIM, which oversees more than $200 billion in private credit. &ldquo;It&rsquo;ll have a bit of a chilling effect,&rdquo; Matt Harvey, the firm&rsquo;s global head of middle-market direct lending, tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence&rsquo;s Matthew Geudtner in the latest Credit Edge podcast. &ldquo;As a lender you&rsquo;re a little bit more conservative, you&rsquo;re a little bit more rational in terms of your view on how to structure the asset, how to price it,&rdquo; Harvey says. They also discuss default rates, loan marks, the consumer staples sector and relative value in European direct lending.
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PGIM Sees 'Chilling Effect' on Private Credit From BDC Storm

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/a189fcba-e332-458d-a360-b42001375f4a/transcript

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The plunge in software debt creates opportunities to buy cheap loans from companies that will survive AI disruption, according to Permira Credit. “The market has overreacted,” Ian Jackson, the firm’s head of strategic opportunities, tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Tolu Alamutu in the latest Credit Edge podcast. “The broad selloff in software has been such an interesting place for us because a lot of these names, we just don’t believe will go through restructuring,” says Jackson, whose company lends to technology companies. They also discuss fraud, private market stress, relative value in Europe vs. US credit and the outlook for collateralized loan obligations.

The plunge in software debt creates opportunities to buy cheap loans from companies that will survive AI disruption, according to Permira Credit. &ldquo;The market has overreacted,&rdquo; Ian Jackson, the firm&rsquo;s head of strategic opportunities, tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence&rsquo;s Tolu Alamutu in the latest Credit Edge podcast. &ldquo;The broad selloff in software has been such an interesting place for us because a lot of these names, we just don&rsquo;t believe will go through restructuring,&rdquo; says Jackson, whose company lends to technology companies. They also discuss fraud, private market stress, relative value in Europe vs. US credit and the outlook for collateralized loan obligations.

European PE Giant Permira Looks to Buy Beaten Up Software Loans

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A bank retreat from private credit piles pressure on business development companies already reeling from a wave of redemptions, according to SLR Investment Corp. “You’re starting to see banks get nervous and start to pull back,” the BDC’s co-Chief Executive Officer Michael Gross tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Arnold Kakuda in this episode of the Credit Edge podcast. “It’s going to increase people’s cost of capital, which will make it harder for people to invest efficiently,” said Gross, who led Apollo Investment Corporation, part of the early wave of BDCs, before starting SLR in 2006. They also discuss software distress, how to avoid fraud and why BDCs still work for retail investors.

A bank retreat from private credit piles pressure on business development companies already reeling from a wave of redemptions, according to SLR Investment Corp. &ldquo;You&rsquo;re starting to see banks get nervous and start to pull back,&rdquo; the BDC&rsquo;s co-Chief Executive Officer Michael Gross tells Bloomberg News&rsquo; James Crombie and Bloomberg Intelligence&rsquo;s Arnold Kakuda in this episode of the Credit Edge podcast. &ldquo;It&rsquo;s going to increase people&rsquo;s cost of capital, which will make it harder for people to invest efficiently,&rdquo; said Gross, who led Apollo Investment Corporation, part of the early wave of BDCs, before starting SLR in 2006. They also discuss software distress, how to avoid fraud and why BDCs still work for retail investors.

BDC Veteran Expects Private Credit Fund Stress as Banks Pull Back

https://api.omny.fm/orgs/e73c998e-6e60-432f-8610-ae210140c5b1/clips/c65a381f-5eee-49ae-92eb-b412013d9236/transcript

US Billionaires Are Only Just Getting Started on Their Global Sports Invasion

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