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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

    • ニュース

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.

    Fidelity Fears Creditor Violence Spread; Altice Focus

    Fidelity Fears Creditor Violence Spread; Altice Focus

    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. There are opportunities for investors in the technology and chemical sectors, she adds, predicting high-single-digit returns in European leveraged loans. Also in this episode, BI’s Cheslin weighs the outlook for Altice, which is shedding assets in a bid to reduce debt. The company has had to pay up to extend maturities and there’s a risk of divesting crown jewels in pursuit of fresh cash, Cheslin says. 
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    • 37分
    Ares Sees ‘Fragile’ Debt Markets; Freight Costs Soar

    Ares Sees ‘Fragile’ Debt Markets; Freight Costs Soar

    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 corporate loan deals, Dennis says, adding that there’s more demand for European transactions than supply. Also in this episode, Bloomberg Intelligence’s Stephane Kovatchev analyzes the shipping sector after a 300% increase in freight rates. Greater supply of ships coupled with fading demand are expected to relieve some of the price pressure, Kovatchev says.
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    • 37分
    Bain Sees Big CLO Opportunity; WeightWatchers' Survival

    Bain Sees Big CLO Opportunity; WeightWatchers' Survival

    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 Australia, as well as in private credit, especially for buyouts. Slim recovery rates in the loan market are among the biggest worries. Also in this episode, BI’s Holland analyzes the outlook for WeightWatchers, whose bonds are dropping. The company faces a tough road ahead but there is a path to survival, Holland says. 
    See omnystudio.com/listener for privacy information.

    • 38分
    Vanguard Sees Recession Risk; Dish Blowup Rattles Junk

    Vanguard Sees Recession Risk; Dish Blowup Rattles Junk

     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 Bloomberg Intelligence’s Stephen Flynn in the latest Credit Edge podcast. He meanwhile sees opportunity in the bonds of large financial institutions. Also in this episode, BI’s Flynn analyzes the debt troubles at Dish Network Corp. and what it means for the rest of the sector. 
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    • 45分
    Goldman Demystifies Private Credit; BDCs Go Public

    Goldman Demystifies Private Credit; BDCs Go Public

    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. Reynolds sees growth opportunities in Asia, investment-grade loans and leveraged finance, as well as more secondary trade in private debt. Also in this episode, BI’s Havens analyzes the rush by business development companies (BCDs) to go public as valuations soar.
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    • 36分
    Hayfin Expects Private-Debt M&A; BI on Ozempic Risks

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

    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 software sectors, while avoiding smaller borrowers that are struggling with higher rates. In addition, BI’s Hung weighs the impact on food and drink companies of weight-loss drugs like Ozempic.
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    • 33分

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