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PODCAST

The Credit Edge by Bloomberg Intelligence

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.

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All Episodes

39:54

Vanguard Is Cautious on Junk as Economy Gets Turbulent

The Credit Edge by Bloomberg Intelligence ·

2024/11/07

The US economy heading for a potentially “turbulent landing” may spell trouble for junk bonds, according to Colleen Cunniffe, head of global taxable credit research at Vanguard. “We’re actually relatively cautious on high yield at the moment from a broad perspective,” Cunniffe tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Himanshu Bakshi in the latest Credit Edge podcast. The world’s second-largest asset manager prefers debt rated BBB, bonds from utilities and banks, as well as

en-US

60:44

Churchill Sees Mid-Market Loan Value ‘in Plain Sight’

The Credit Edge by Bloomberg Intelligence ·

2024/10/31

Lending directly to middle-market US-based companies is the best opportunity in credit markets, offering double-digit yields, according to Randy Schwimmer, vice chairman at Churchill Asset Management. “We probably only have a small handful of lenders that we’re competing against,” Schwimmer tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Mike Holland in the latest Credit Edge podcast. “This right now is undiscovered value that is hiding in plain sight,” added Schwimmer, whose firm

en-US

1:00

Listen Now: Inside Active by Bloomberg Intelligence

The Credit Edge by Bloomberg Intelligence ·

2024/10/27

Reports of active management's demise have been greatly exaggerated. Active continues to grow and evolve in ETFs while mutual funds prosper and define benefit plans. Bloomberg Intelligence strategy team uncover active opportunities and glean insights from active managers and those who cover the industry. Listen to Inside Active by Bloomberg Intelligence. See omnystudio.com/listener for privacy information.

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50:09

Goldman’s Jonny Fine Sees Bond Issuance Rush Extending

The Credit Edge by Bloomberg Intelligence ·

2024/10/24

High-grade US corporate bond issuance will rise again in 2025, building on this year’s record-setting pace, according to Goldman Sachs. “There’s a lot of growth in the economy that needs to take place, as well as all of the refi,” Jonny Fine, Goldman’s global head of investment grade debt tells Bloomberg News’ James Crombie and and Bloomberg Intelligence’s Arnold Kakuda in the latest Credit Edge podcast. Refinancing will account for the bulk of the sales, while infrastructure finance and buyouts

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46:59

Pimco Says Private Credit Doesn’t Pay as Hazards Grow

The Credit Edge by Bloomberg Intelligence ·

2024/10/17

Private debt doesn’t offer high enough returns to justify the growing risks, according to Pimco. “Fundamentals are deteriorating in more levered portions of the credit markets,” said Mohit Mittal, chief investment officer for core strategies at Pimco. “You’re seeing more complacency, so you have to be very thoughtful, you have to be very careful.” Investment-grade direct lending pays only half the premium needed to compensate for worse liquidity than in public markets and rising fundamental

en-US

57:49

Schroders Is Real Estate Bull in Private Debt Rush

The Credit Edge by Bloomberg Intelligence ·

2024/10/10

Schroders Capital is seeing growing interest in private debt from investors looking to diversify as returns in public markets decline. It’s finding the best relative value in commercial real estate where over-exposed regional banks can no longer lend. “The most interesting opportunity, I think is looking where there’s emotional bias and fear,” says Michelle Russell-Dowe, co-head of private debt and credit alternatives at the asset manager, in the latest Credit Edge podcast. Schroders also likes

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53:13

Blackstone Eyes $30 Trillion Private Credit Bonanza

The Credit Edge by Bloomberg Intelligence ·

2024/10/03

Blackstone Inc. expects private credit to balloon to $30 trillion in size, fueled by the energy transition, housing and data center lending. “We’re really expanding the opportunity set from quite a narrow part of the market to really a mainstream part,” said Rob Horn, global head of infrastructure and asset-based credit at Blackstone. “Not only can we get hard-asset collateral — which differs from what they get in the public market — but we also get a premium return,” Horn tells Bloomberg News’

en-US

53:23

Moody’s Sees Private Debt Leverage, Transparency Risks

The Credit Edge by Bloomberg Intelligence ·

2024/09/26

The $1.7 trillion private credit market faces several challenges after years of rapid growth, according Ana Arsov, global head of private credit at Moody’s Ratings. “It’s going to be very important to get more transparency from the banks about is there some kind of synthetic leverage, additional leverage, coming to this market,” Arsov tells Bloomberg News’ James Crombie and Bloomberg Intelligence senior credit analyst David Havens in the latest Credit Edge podcast. Arsov and Havens also debate the

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0:58

Tiger Money (Sponsored Content)

The Credit Edge by Bloomberg Intelligence ·

2024/09/25

Investing, stocks, commodities, crypto and everything in between. This biweekly podcast with a focus on exchange-traded funds will guide you through the financial markets in Asia and beyond. Sponsored by HKEX.See omnystudio.com/listener for privacy information.

en-US

43:52

UBS’s Mish Picks Credit Winners, Losers in US Election

The Credit Edge by Bloomberg Intelligence ·

2024/09/19

Victory for Kamala Harris in the US election would boost the bonds of basic industries, capital goods companies and utilities, according to Matt Mish, head of credit strategy at UBS. “A lot of that we think is tied to the preservation of the inflation reduction act and support of many of the Biden-era stimulus policies,” Mish tells Bloomberg News’ James Crombie and Bloomberg Intelligence senior credit analyst Julie Hung in the latest Credit Edge podcast. Conversely, a win for Democrats would be a

en-US

49:52

Goldman Sachs Likes the Real Estate Debt Others Fear

The Credit Edge by Bloomberg Intelligence ·

2024/09/12

As commercial real estate continues to menace banks and investors, Goldman Sachs Asset Management is leaning into the debt. “What we’ve been able to do is find a lot of opportunities in commercial mortgage-backed securities,” Lindsay Rosner, head of multi-sector investing at the company, told Bloomberg News’ James Crombie and Bloomberg Intelligence credit analyst Jody Lurie in the latest Credit Edge podcast. “It’s a good portion of our portfolio, and we think it generates a decent amount of carry.”

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55:03

Sculptor Sees Opportunity in Busted Capital Structures

The Credit Edge by Bloomberg Intelligence ·

2024/09/05

Funding companies with unsustainable debt loads has been “the best opportunity in the corporate credit market over the last year or two,” Jimmy Levin, Sculptor Capital Management’s chief investment officer, says in Bloomberg Intelligence’s Credit Edge podcast. Separately, Sculptor expects substantial growth in asset-based finance, where Levin sees double-digit returns, he tells Bloomberg News’ James Crombie and Irene Garcia Perez, and BI credit analyst Stephane Kovatchev. Also in this episode, Levin

en-US

35:13

Nochu Losses Pile Up, Asia AT1 Risks; Vedanta Recovery

The Credit Edge by Bloomberg Intelligence ·

2024/08/29

Norinchukin Bank faces significant losses from the sale of US and European sovereign bonds that tumbled as interest rates rose, and other financial institutions may also be exposed. “The bank is still losing more than a billion dollars a quarter,” says Bloomberg Intelligence senior credit analyst Pri de Silva, referring to the Japanese agricultural bank also known as Nochu. “They need to rip that band aid off and address negative carry in the securities portfolio,” de Silva tells Bloomberg News’

en-US

45:25

North Wall Sees 25% Returns in Litigation Finance

The Credit Edge by Bloomberg Intelligence ·

2024/08/22

Lending to law firms against portfolios of legal assets can generate hefty returns, according to North Wall Capital, the London-based credit investor. “We target 25%-plus IRRs, and we have historically outperformed that,” Fabian Chrobog, its chief investment officer and founder, says in Bloomberg Intelligence’s Credit Edge podcast. Separately, North Wall aims to make “mid teens” gains in middle-market private credit, Chrobog tells Bloomberg News’ James Crombie and BI senior credit analyst Tolu

en-US

50:35

AllianceBernstein Sees European, EM Junk Bond Value

The Credit Edge by Bloomberg Intelligence ·

2024/08/15

AllianceBernstein sees opportunity in European and emerging market credit markets and is steering clear of energy sector debt. “High-quality European high yield, on a dollar-hedged basis, is attractive,” Will Smith, director of U.S. high-yield credit at AllianceBernstein, says in the latest Credit Edge podcast from Bloomberg Intelligence. In EM corporate bonds, “you’re getting paid a lot more risk premium there — a lot more in spreads than you are in developed market credit markets,” Smith tells

en-US

30:39

Cruise Lines Poised to Tighten to Peers; Disney Risks

The Credit Edge by Bloomberg Intelligence ·

2024/08/01

There are potential catalysts for the debt of cruise lines like Carnival and Royal Caribbean, as well as Rolls Royce and Ford, according to Bloomberg Intelligence. BI senior analysts Stephen Flynn and Aidan Cheslin join James Crombie of Bloomberg News in this edition of BI’s Credit Edge podcast to discuss the outlook for US and European credit, identifying situations where their teams’ research differs with consensus. UBS and Jaguar Land Rover have bonds trading wide to peers that could tighten,

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37:06

Junk Defaults May Rise on Small Cap Pain, Says Regions

The Credit Edge by Bloomberg Intelligence ·

2024/07/25

Small-cap US companies are at risk of default as debt comes due and the economy slows, according to Alan McKnight chief investment officer at Regions Bank. “Look at the Russell 2000 — over 50% of those names are non-earners right now. They’re actually unprofitable,” McKnight says in the latest Credit Edge podcast from Bloomberg Intelligence. “There’s a lot of names in that sort of realm that could be on the tipping point, particularly in light of when they have to refinance their debt,” he tells

en-US

46:53

Antares CEO Eyes M&A Route to Private Debt Expansion

The Credit Edge by Bloomberg Intelligence ·

2024/07/18

Antares Capital, the US-based private credit firm, is looking to expand in Europe and also sees opportunity in real estate, infrastructure and asset-backed finance. “In order to scale, we’d probably need to do an acquisition,” Tim Lyne, the direct lender’s chief executive officer, says in the latest Credit Edge podcast from Bloomberg Intelligence. “We are constantly evaluating Europe,” he tells Bloomberg News’ James Crombie and Bloomberg Intelligence senior credit analyst David Havens. Lyne and

en-US

49:05

Banks Run Into Real Estate Trouble, Political Strife

The Credit Edge by Bloomberg Intelligence ·

2024/07/11

Politics and commercial real estate are the biggest perils for banks, according to Bloomberg Intelligence senior credit analysts Arnold Kakuda and Jeroen Julius. “In terms of CRE, it hits mostly the smaller regional banks,” Kakuda tells Bloomberg News senior editor James Crombie in the latest Credit Edge podcast from Bloomberg Intelligence. “If the sovereign rating comes down or is put on negative outlook, bank ratings are likely to follow,” Julius says, referring to European financial

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45:56

Oaktree Sees Private Credit Stress as Excitement Grows

The Credit Edge by Bloomberg Intelligence ·

2024/07/03

Private credit markets are under pressure from high interest rates, while excess demand is keeping spreads low, according to Wayne Dahl, co-portfolio manager for Oaktree’s global credit and investment grade solutions strategies. “I think there will be some general stress,” says Dahl in the latest Credit Edge podcast from Bloomberg Intelligence. “When people get excited, they put money in — the end investor has no choice but to invest that, and therefore you’ll maybe see spreads compress a little bit

en-US

155 results

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