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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

36:11

Altice ‘Jenga Tower’ Menaces Global Credit Markets

The Credit Edge by Bloomberg Intelligence ·

2024/04/25

Altice ‘Jenga Tower’ Menaces Global Credit Markets (Podcast)Altice distress is ripping through global credit markets and setting some ugly precedents for debt investors. Aidan Cheslin from Bloomberg Intelligence joins Irene Garcia Perez, Eleanor Duncan and James Crombie with Bloomberg News to discuss the ongoing drama. Billionaire owner Patrick Drahi has taken a combative approach to creditors, who are joining forces in an effort to avoid steep losses. Credit rating downgrades and asset price falls

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39:53

Credit’s in Trouble If Fed Hikes, Says Morgan Stanley

The Credit Edge by Bloomberg Intelligence ·

2024/04/18

Corporate debt markets are poised to perform well provided monetary policy doesn’t get tighter, according to Morgan Stanley. “As a credit investor, the thing that matters most is that the next Fed policy action is not a hike,” Vishy Tirupattur, the bank’s chief fixed income strategist, tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Spencer Cutter. “The bar for a hike is very high,” he adds. Morgan Stanley still expects three rate cuts from the Federal Reserve this year, starting in

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34:47

Junk Credit Threat Grows as Rates Stay High, Says BNP

The Credit Edge by Bloomberg Intelligence ·

2024/04/11

The threat of weak companies not being able to pay their debts is rising as interest rates stay elevated. “On high yield and loans, I do think that risks are growing that you could see a reset in spreads,” Meghan Robson, head of US credit strategy at BNP Paribas, tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Mike Holland. “The obvious trigger for us would be that debate of rate hikes coming back,” Robson says in the latest Credit Edge podcast. BNP favors shorting some single B and

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44:06

Amundi Tips AT1s in ‘Goldilocks’ View; Shipping Focus

The Credit Edge by Bloomberg Intelligence ·

2024/04/04

Europe’s largest asset manager, Amundi, expects Additional Tier 1 bank bonds to extend gains in what it sees as a broadly positive market for corporate debt. “We’re obviously in this kind of Goldilocks scenario, I think, where the central bank put remains on the table,” Steven Fawn, head of global credit at Amundi Asset Management, tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Stephane Kovatchev. “Sub-debt is one part of the market which we like,” Fawn says in the latest Credit

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35:09

Altice Stress Weighs on CLO Market, Sound Point Says

The Credit Edge by Bloomberg Intelligence ·

2024/03/28

Altice’s debt woes pose a threat to the collateralized loan obligation market, says Gunther Stein, chief investment officer for US performing credit and CLOs at Sound Point Capital Management. “Altice is clearly an issue for Europe, and in particular the European CLO market,” Stein tells Bloomberg News’ Carmen Arroyo and James Crombie and Bloomberg Intelligence’s Robert Schiffman in the latest Credit Edge podcast. “It’s something we all have to be thoughtful around in terms of how we’re managing our

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42:53

Junk Spreads Are Too Tight, Says Loomis; iHeart Focus

The Credit Edge by Bloomberg Intelligence ·

2024/03/21

Credit investors aren’t getting enough compensation for corporate credit risk, says Matthew Eagan, a portfolio manager and head of the full discretion team at Loomis Sayles & Co. “Judging from the spread levels, I think they’ve gone a bit too far,” Eagan tells Bloomberg News’ Lisa Lee and James Crombie and Bloomberg Intelligence’s Stephen Flynn in the latest Credit Edge podcast. He sees investment grade debt as an opportunity, given decent corporate earnings and the fact that debt costs are

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46:16

Marathon’s Richards Predicts Asset-Based Lending Boom

The Credit Edge by Bloomberg Intelligence ·

2024/03/14

Asset-based lending is set to expand over the next 10 years at the same heady pace as private credit, according to Bruce Richards, CEO and Chairman of Marathon Asset Management. “The $100 billion middle-market lending and private-credit lending business in 2008 which grew to $1.7 trillion where it is today — a 17-fold increase — you’ll see the same thing happening in ABL in this next decade,” he tells Bloomberg News’ Lisa Lee and James Crombie and Bloomberg Intelligence’s Arnold Kakuda, in the

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37:19

Credit Pays ‘Equity-Like Returns,’ Says Napier Park

The Credit Edge by Bloomberg Intelligence ·

2024/03/07

Credit derivatives and securitizations offer high yields and can perform well even if the US economy tips into recession, says Jonathan Dorfman, managing principal and chief investment officer at Napier Park Global Capital. “In credit, for the first time in 15 years, you can actually create portfolios that give equity-like returns,” he tells Bloomberg News’ Lisa Lee and James Crombie and Bloomberg Intelligence’s Tolu Alamutu, in the latest Credit Edge podcast. Standardization and improved

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36:36

Carlyle Sees Deluge of Opportunity as Banks Shed Loans

The Credit Edge by Bloomberg Intelligence ·

2024/02/29

Financial institutions are selling off consumer loans under pressure from regulators, setting up investors for significant gains, according to Mark Jenkins, head of global credit at Carlyle Group Inc. “Banks in the US in particular are managing down their risk-weighed assets, and that is creating a deluge of opportunities for us,” he tells Bloomberg News’ Lisa Lee and James Crombie, and Bloomberg Intelligence’s Robert Schiffman, in the latest Credit Edge podcast. Debt being offloaded by banks

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39:22

Fortress Sees $1 Trillion Real-Estate Debt Opportunity

The Credit Edge by Bloomberg Intelligence ·

2024/02/22

Buyers of distressed real estate debt stand to make significant gains over the next few years, according to Joshua Pack, co-CEO at Fortress Investment Group. “This is going to be a trillion-dollar opportunity,” he said. Pack discusses how Fortress is getting ready for “a massive restructuring” in the sector with Bloomberg News’ Lisa Lee and James Crombie and Bloomberg Intelligence’s Tolu Alamutu in the latest Credit Edge podcast. The impact on banks will be long-lasting and not limited to smaller

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37:02

Fidelity Fears Creditor Violence Spread; Altice Focus

The Credit Edge by Bloomberg Intelligence ·

2024/02/15

US-style creditor-on-creditor violence spreading to Europe is a worry for loan investors, according to Camille McLeod-Salmon, portfolio manager at Fidelity International. “What we are focused on is this move that’s in the US towards creditor-on-creditor violence — and the shift that you’ve had there — and that translating into Europe,” she said. London-based McLeod-Salmon talks to Bloomberg News’ Lisa Lee and James Crombie and Bloomberg Intelligence’s Aidan Cheslin in the latest Credit Edge podcast

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37:41

Ares Sees ‘Fragile’ Debt Markets; Freight Costs Soar

The Credit Edge by Bloomberg Intelligence ·

2024/02/08

Geopolitics are a potential menace to public debt markets that could present opportunities for private lenders, according to Mike Dennis, co-head of European credit at Ares Management. “The capital markets in general are still pretty fragile,” Dennis tells Bloomberg News’ Lisa Lee and James Crombie in the latest Credit Edge podcast. “It wouldn’t take much for that liquidity to reverse out of the system,” he said. Volatility may open the door for private credit firms to participate more in larger

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38:27

Bain Sees Big CLO Opportunity; WeightWatchers' Survival

The Credit Edge by Bloomberg Intelligence ·

2024/02/01

Collateralized loan obligations are among the best debt investment opportunities for this year, according to John Wright, global head of credit at Bain Capital. Spreads on the structured investment vehicles, which repackage leveraged loans into bonds of varying risk, may tighten further, even as default rates rise, Wright tells Bloomberg News’ Lisa Lee and James Crombie and Bloomberg Intelligence’s Mike Holland in the latest Credit Edge podcast. He also sees robust potential for growth in India and

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45:31

Vanguard Sees Recession Risk; Dish Blowup Rattles Junk

The Credit Edge by Bloomberg Intelligence ·

2024/01/25

The US economy is at risk of tipping into recession in the second half of this year, putting pressure on corporate debt markets, says Chris Alwine, global head of credit at Vanguard. “What would precipitate that shallow recession is that corporations are just not hiring, with a modest increase in layoffs,” said Alwine. Vanguard, one of the biggest money managers in the world, with $8.6 trillion in assets, is cautious on junk-rated debt, Alwine tells Bloomberg News’ Lisa Lee and James Crombie and

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36:47

Goldman Demystifies Private Credit; BDCs Go Public

The Credit Edge by Bloomberg Intelligence ·

2024/01/18

Private debt needs to get better at explaining itself as the $1.6 trillion asset class goes mainstream, according to James Reynolds, global head of direct lending at Goldman Sachs. “We collectively need to just demystify what we do — which is in simple words, lending to corporates,” Reynolds tells Bloomberg News’ Lisa Lee and James Crombie and Bloomberg Intelligence’s David Havens in the latest Credit Edge podcast. Goldman wants to double the size of its $110 billion private credit business

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33:35

Hayfin Expects Private-Debt M&A; BI on Ozempic Risks

The Credit Edge by Bloomberg Intelligence ·

2024/01/11

Private-debt firms are set to consolidate as larger companies dominate deal flow, according to Marc Chowrimootoo, portfolio manager at Hayfin Capital Management. “We’re seeing a concentration within fewer hands,” Chowrimootoo tells Bloomberg News’ Lisa Lee and James Crombie and Bloomberg Intelligence’s Julie Hung in the latest Credit Edge podcast. “That trend is going to continue.” He identifies debt refinancing as the big opportunity for private lenders in 2024. Hayfin likes the health-care and

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31:07

Commercial Real Estate Time Bomb; Leisure Opportunity

The Credit Edge by Bloomberg Intelligence ·

2024/01/04

Commercial real estate faces a tough 2024 as trillions of dollars in debt comes due and refinancing gets harder, according to Neil Callanan, corporate finance czar at Bloomberg News. Offices in financial centers are especially under pressure after banks tightened lending standards, Callanan tells Bloomberg senior editor James Crombie in the latest episode of the BI Credit Edge Podcast. He’s watching for delayed and canceled new projects and short selling of real estate companies as signals of

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51:56

Private Debt ‘Tourists’ May Do Bad Deals; Bank Outlook

The Credit Edge by Bloomberg Intelligence ·

2023/12/21

New entrants to the rapidly-growing private credit market, scrambling to deploy capital as demand exceeds supply, risk making loans that don’t perform well, according to Alan Schrager, senior partner and portfolio manager at Oak Hill Advisors. “You sort of love private credit tourists who potentially do bad deals, because bad deals that ultimately you don’t own make you look good on a relative basis,” Schrager says. “Even though we do think private credit is really cheap, we are trying to stay high

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33:18

Private Credit 2024 Outlook; Asean Bank Resilience

The Credit Edge by Bloomberg Intelligence ·

2023/12/15

Private credit will hog the limelight in 2024, with ever-larger deals and continued expansion, even as high rates and a slowing economy add risks. To discuss the outlook for next year, Paula Seligson and Lisa Lee — senior reporters in Bloomberg’s global private credit news team — join senior editor James Crombie in the latest episode of the Credit Edge podcast. Private debt will likely attract more investors — and the attention of regulators seeking transparency. Also in this episode, Bloomberg

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39:38

KKR Sees Credit Stress, Not Armageddon; BI on India

The Credit Edge by Bloomberg Intelligence ·

2023/12/08

More companies will default on their debt next year because of higher rates and slower earnings, but there won’t be a widespread crisis, says Christopher Sheldon, co-head of credit and markets at KKR. “We don’t think it’s Armageddon,” he tells Bloomberg News senior reporter Lisa Lee and senior editor James Crombie in this episode of the Credit Edge podcast. He expects continued stress in the retail and health-care sectors — and also sees big opportunity in asset-based finance. In addition, Bloomberg

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146 results

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