ION Analytics

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Canal • 8 podcasts

Investimentos

Investimentos

Semanal
Investimentos

Investimentos

Mensal
Negócios

Negócios

Mensal
Negócios

Negócios

Semanal
Investimentos

Investimentos

Mensal
Negócios

Negócios

Mensal
Negócios

Negócios

Semanal

10 DE OUT.

There’s tremendous fragility in the system – PGIM co-CIO Greg Peters

“Underneath is a lot of volatility. Companies are struggling. You’re seeing really wide dispersion,” says Greg Peters, co-chief investment officer at PGIM Fixed Income, on the latest episode of Credit Exchange with Lisa Lee. Companies, both public and private, are defaulting at a higher rate than you would expect given the macro backdrop. Investors have been too quick to dismiss the possibility of a return in inflation. Peters pegs the probability of the US economy overheating at 25%, and higher than the probability of a recession. The US has fiscal stimulus coming through, likely a more easy Fed, and together with deregulation and some other factors, there’s the real risk of overheating next year, he says. He adds there’s also a 10% probability of a productivity boost from AI. Markets are also struggling with the near-term effects versus the long-term, Peters notes. The case of France is what happens to a sovereign that’s overindebted, where the political system is called into question. “This is very much a canary in a coal mine,” he says.

10 de out.

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30min
3 DE OUT.

Bigger private credit deals will happen – Antares CEO Tim Lyne

“It’s a huge differentiator” to have dedicated and experienced personnel to deal with struggling borrowers, says Tim Lyne, CEO of private credit specialist Antares Capital, in the latest Credit Exchange podcast with Lisa Lee. Recent entrants, funds raised in the past five years, often do not. On the M&A front, Lyne doesn’t expect to see a great volume of M&A transactions this year, or indeed in the first quarter of next year. That’s because Antares’ volume on the new business side is average: “if it was going to be great, we would be seeing some of those deals come in the shop already,” he says. Private credit could have financed the $20bn of debt for Electronic Arts, but it would have been a stretch. But that will not necessarily be true for much longer, he observes. “If I fast-forward 3-5 years from now, I think $20[bn] will not be challenging.” There are also too many players, Lyne says, which is compressing fees. With more than $85bn in AUM, Antares has scale, and Lyne says the biggest private credit lenders will continue to get bigger. But for the players in the industry that are not of scale, “it’s going to be incredibly challenging for them to continue to grow over the next five years.”

3 de out.

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33min
8 DE SET.

Clearlake’s Pade weighs in on deal flow, LMEs and reputation

In this episode of Debtwired!, James Pade, partner and managing director at Clearlake Capital Group, joins Debtwire co-managing editor, Madalina Iacob, to discuss investing opportunities after Clearlake consolidated its credit arms under one roof. Pade also digs into how lenders are navigating liability management exercises, the challenges faced by smaller CLO managers, and why strong sponsor relationships matter more than ever. Pade notes that Clearlake recently had discussions with stakeholders focused on building stronger, more direct communication with CLO managers and broadly syndicated investors, although it was never an “apology tour.”

8 de set.

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30min
6 DE OUT.

PREPA's Perpetual Bankruptcy

The latest Muni Lowdown podcast features Senior Policy Analyst Javier Balmaceda of the Center on Budget and Policy Priorities and Senior Reporter Simone Baribeau discussing PREPA's bankruptcy proceedings with Managing Editor Paul Greaves. Simone initiates the discussion with an overview of the Puerto Rico Electric Power Authority's (PREPA) and current status. Javier moves the dialogue towards the following issues: PREPA operationsUtility privatization (including the latest with New Fortress Energy and LUMA Energy).The affordability of rate hikes The podcast closes with Javier providing a view on the perspective of island residents and customers.

6 de out.

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18min
9 DE MAI.

Blue Owl’s Craig Packer answers the tough questions about private credit

Private credit is fast growing, and will take market share away from the public leveraged finance markets, Blue Owl’s co-president Craig Packer told host Lisa Lee on the Credit Exchange podcast. The direct lending segment that competes with leveraged loans and high-yield bonds will become 45%, maybe as much as 50%, of the leveraged finance market over a five year period. That’s raising questions about the asset class – is there too much money chasing after financing deals, why are there vast differences in valuation among private credit shops, is it okay that there’s more payment-in-kind loans, how will it perform in an economic downturn. Packer, who co-founded the predecessor firm to Blue Owl’s Credit platform and was instrumental in shaping the modern private credit market, tackles these questions and explains why he is optimistic about the performance of private credit.

9 de mai.

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34min
18 DE SET.

JP Morgan, Chestnut Carbon discuss pioneering carbon credit project financing

Chestnut Carbon CFO Greg Adams and Co-Head of Infrastructure Finance and Advisory at JP Morgan, Fuat Savas, discuss their recent pioneering forest carbon removal credit project financing.

18 de set.

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25min
27 DE AGO.

Norton Rose partner discusses renewables M&A expectations post-OBBB

Becky Diffen, head of the projects M&A team at Norton Rose Fulbright, talks about what to look for in renewable energy deal activity now that the One Big Beautiful Bill has been signed.

27 de ago.

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29min
21 DE MAR.

Compelling opportunities in CLOs, high-yield bonds – Bain Capital’s John Wright

Recent volatility has opened up fresh opportunities in credit, says John Wright, global head of credit at Bain Capital, in the latest “Credit Exchange” podcast. Wright spoke with Lisa Lee, the managing editor at Creditflux, on his expectations for spread direction – wider, he believes – and compelling opportunities in both public and private debt. “Uncertainty begets wider spreads, and wider spreads beget more yield and more opportunity,” says Wright, with volatility being good for credit markets and for investing. While difficult to gauge the short-term, Wright believes that, over long periods of time, allocating to credit and holding through market volatility outperforms being in and out of the market. Wright is seeing opportunities in high-yield bonds and CLOs. Bain, which has $53 billion in credit assets under management, is “pretty excited” about CLO debt, as spreads are widening and expected to continue doing so. There are compelling opportunities on the CLO equity side, he believes. Bain is also getting involved with European CLO junior debt, since it has moved a little more quickly than the US equivalent. On M&A, “the pendulum has swung back the other way” given from heightened expectations after Trump’s election, Wright notes. But he still expects to see an uptick in M&A activity relative to the last two years, and a resumption of normal M&A activity. That will lead to loan origination. Wright says corporate default activities are at relatively elevated levels. He advises looking beyond the headline default rate that shows historically low levels. The true default rate when accounting for such things as LME (liability management exercise) transactions is higher: “we're closer to three or four percent, which is a reasonably elevated level as it relates to default activity,” he says.

21 de mar.

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33min
19 DE SET.

Private credit has won the buyout financing game – Churchill chief investment strategist Randy Schwimmer

“Long-term, I think the game is over from a buyout perspective. I think private capital has won that game,” says Randy Schwimmer, vice-chairman and chief investment strategist at Churchill Asset Management, a leading middle market financing and investment firm with $55 billion in AUM. In the latest episode of the Credit Exchange podcast with Lisa Lee, Schwimmer notes 90% of the leveraged buyouts completed this year were financing by private credit in the traditional middle market space. As for the large-cap deals, the bigger loans that can be multi-billions of dollars in size – while there, too, the majority of LBOs were done by private credit firms, banks have found a way to stay relevant by undertaking refinancings and repricings. Banks also still have significant market share in straight corporate lending and for certain specialist sectors. “It’s a healthy ecosystem right now, where everybody is playing a role,” Schwimmer says. Speaking to banks’ aspirations to create a secondary trading market for private credit loans, that will be difficult, especially in the middle market, Schwimmer predicts. He adds that many have tried. “Illiquidity will still mean something in the traditional middle market,” he says.

19 de set.

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36min
25 DE JUL.

Wafra's Head of Infrastructure details strategy for navigating global uncertainty

Crossroads welcomes Wafra MD and Head of Real Assets and Infrastructure Edward Tsai to discuss middle market infrastructure opportunities, the importance of ensuring supply chain resilience amidst geopolitical challenges and the New York-based investor’s asset leasing strategy. #investors #logistics #assetleasing #infrastructure

25 de jul.

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25min

This channel contains a series of podcasts produced by ION Analytics. Here you will find editors and journalists from Mergermarket, Debtwire, and Infralogic discussing the topics and trends shaping the capital markets.