78 episodes

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 Bloomberg

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    • 5.0 • 1 Rating

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.

    Antares CEO Eyes M&A Route to Private Debt Expansion

    Antares CEO Eyes M&A Route to Private Debt Expansion

    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 Havens also discuss Antares’ funding strategy, areas of market stress, fundraising and the broadening of the private credit investor base. “You’re beginning to see this democratization of the asset class,” says Lyne.
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    • 46 min
    Banks Run Into Real Estate Trouble, Political Strife

    Banks Run Into Real Estate Trouble, Political Strife

     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 institutions. In addition, Julius and Kakuda debate unrealized losses sitting on balance sheets, consolidation, regulation and the outlook for more bank bond issuance. They also weigh opportunities in Additional Tier 1 and preferred debt. “You get high-yield returns for IG risk,” says Kakuda, speaking of the latter. 
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    • 49 min
    Oaktree Sees Private Credit Stress as Excitement Grows

    Oaktree Sees Private Credit Stress as Excitement Grows

    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 more than would otherwise be warranted,” Dahl tells Bloomberg News’ James Crombie and BI Senior Credit Analyst Mike Holland. Also in this episode, Dahl and Holland discuss risk in the health care sector, as well as opportunities in consumer staples, insurance and securitized credit. 
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    • 45 min
    BlackRock Loves Real Estate Debt That ‘Everyone Hates’

    BlackRock Loves Real Estate Debt That ‘Everyone Hates’

    Commercial mortgage-backed securities are the best credit opportunity for the next 12 months, according to Oded Manor, global head of fixed income manager research at BlackRock. “CMBS is super-interesting because everyone hates it — or many people hate it,” says Manor in the latest Credit Edge podcast from Bloomberg Intelligence. “That market is already pricing a lot of the negative news, unlike many other parts,” Manor tells Bloomberg News’ James Crombie and BI Senior Credit Analyst Jody Lurie. Also in this episode, Manor and Lurie discuss liquidity risk, as well as relative value between bonds and loans. In addition, Manor talks about headwinds in European credit markets from the upcoming French election.
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    • 47 min
    Arini’s Lemssouguer Sees Junk Companies Hitting a Wall

    Arini’s Lemssouguer Sees Junk Companies Hitting a Wall

    Up to a quarter of Europe’s high-yield borrowers can’t afford to pay the current high interest rates to refinance debt that’s coming due, according to alternative asset manager Arini. “The market has been very active in refinancing these companies but we still have a lot to do,” says Hamza Lemssouguer, founder and chief investment officer of Arini, in the latest Credit Edge podcast from Bloomberg Intelligence. For as much as 25% of the market, “it’s just impossible to afford the current interest rates,” Lemssouguer tells Bloomberg News’ James Crombie and Giulia Morpurgo, and Bloomberg Intelligence Senior Credit Analyst Tolu Alamutu. Also in this episode, Lemssouguer and Alamutu discuss challenges in the commercial and residential real estate sector. And Lemssouguer talks about how to invest in debt collectors. 
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    • 44 min
    Private Lender Arcmont Says High Returns Here to Stay

    Private Lender Arcmont Says High Returns Here to Stay

    Private credit’s double-digit returns are here to stay, even as interest rates drop and risks rise, according to Arcmont Asset Management. “Our spreads have been very consistent for a decade,” says Mattis Poetter, the European private debt firm’s co-chief investment officer, in the latest Credit Edge podcast from Bloomberg Intelligence. “I think that’s sustainable,” he tells Bloomberg News’ James Crombie and Kat Hidalgo, and Bloomberg Intelligence Senior Credit Analyst Robert Schiffman. In addition, Arcmont’s co-CIO discusses private debt defaults, pay-in-kind structures, debt-for-equity swaps and opportunities in net-asset-value financing. Also in this episode, Poetter and Schiffman weigh market dislocations and opportunities for rescue financing. 
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    • 41 min

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