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 ...
Gramercy Says Private Is Way to Go in Emerging Markets
As rates stay high, bank lenders retreat and volatility rises, Gramercy Funds Management sees significant growth in private credit to developing nations. “We’re just scratching the surface in emerging markets,” said Robert Koenigsberger, the firm’s founder, chief investment officer and managing partner, referring to private debt. “It’s really exciting to go deeper and broader in EM as an asset class with the tools that have proven to work already,” he tells Bloomberg News’ James Crombie and Bloomberg Intelligence’s Tolu Alamutu, in the latest Credit Edge podcast. Koenigsberger and Alamutu also discuss EM private debt returns, default risks, real estate investment strategies, US tariffs and trade policy, as well as recent deals in Mexico and Turkey.See omnystudio.com/listener for privacy information.
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Pemberton Builds NAV Loans, CLOs for Private Debt Edge
UK-based Pemberton Asset Management has widened its scope to stay ahead in the increasingly competitive world of private credit. “You’ve got to have a range of products that people think are relevant and attractive,” said Symon Drake-Brockman, the firm’s co-founder and managing partner, referring to net asset value financing, collateralized loan obligations and risk sharing, among other businesses. “We can build large verticals in each one of those strategies,” he tells Bloomberg News’ James Crombie and Silas Brown, and Bloomberg Intelligence’s Jeroen Julius, in the latest Credit Edge podcast. Drake-Brockman and Julius also discuss relative value between US and European private credit, areas of stress and whether US deregulation will boost competition from traditional lenders. “If you’re a chief executive of bank, you’ve got to make sure the pendulum doesn’t swing back the other way in four years’ time,” said Drake-Brockman.See omnystudio.com/listener for privacy information.
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Centerbridge Sees Consumer Pain as Inflation Lingers
Centerbridge Scans Consumer Pain as Inflation Lingers (Podcast)Stubbornly high prices are a threat to consumers that could bleed through to credit markets, according to Centerbridge. “The rising cost of goods and interest rates will have an impact,” said Aaron Fink, the firm’s head of asset finance. “To the extent we see deterioration in jobs, and in the labor market more broadly, that’ll be problematic,” he tells Bloomberg News’ James Crombie and Carmen Arroyo, and Bloomberg Intelligence’s Himanshu Bakshi in the latest Credit Edge podcast. Despite this, Centerbridge still sees significant opportunity in consumer finance. Fink and Bakshi also discuss how a new US administration will affect private credit via trade policy and regulation, growth in fundraising from private wealth and retail, as well as investment in data centers to support artificial intelligence.See omnystudio.com/listener for privacy information.
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First Eagle Plays Safe as Credit Spreads Get Squeezed
Debt spreads are set to tighten further as demand for yield rises and net supply remains constrained, according to First Eagle Alternative Credit, which is cautious about the year ahead. “Stay conservative — that’s the mantra that we’re operating under,” said Jim Fellows, the firm’s co-president and chief investment officer, referring to leveraged loans, private credit and high-yield bonds. “You don’t see a lot of screaming value,” he tells Bloomberg News’ James Crombie and Bloomberg Intelligence senior credit analyst David Havens in the latest Credit Edge podcast. Havens and Fellows also discuss opportunity in asset-based lending, middle-market loan pricing and covenant trends, as well as the outlook for buyout finance and private credit defaults.See omnystudio.com/listener for privacy information.
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RBC Sees Private Credit in Peril as Rates Stay High
A sustained period of elevated interest rates has the potential to cause pain in the fastest-growing part of corporate debt, according to RBC Global Asset Management. “We are concerned about how the direct lending private credit space would deal with a higher-for-longer world,” said Andrzej Skiba, the firm’s head of US fixed income. “You’re much better off in public markets because the leverage profile, the interest coverage ratios are just so much better,” he tells Bloomberg News’ James Crombie and Bloomberg Intelligence senior credit analyst Mike Holland, in the latest Credit Edge podcast. Holland and Skiba also discuss value in financial-sector debt, technology and media bond opportunities, coercive liability management exercises and 2025 bond market returns.See omnystudio.com/listener for privacy information.
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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.
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