Credit Exchange with Lisa Lee
Credit Exchange with Lisa Lee explores the latest trends in global credit markets, featuring interviews with the biggest movers and shapers on Wall Street and the City. Hosted by financial reporting veteran Lisa Lee, the podcast delves into market dynamics, investment strategies, and economic insights. Each episode brings expert perspectives from leading figures in finance, offering listeners a deep understanding of the credit landscape.
Episodes
Crescent CEO says US Treasuries are spiking due to rising risk of persistent inflation
“The markets are recognising the risks around longer-term inflation. I think it’s recognising the ballooning deficits of governments around the world,” says Chris Wright, CEO and president of Crescent Capital Group, on the latest episode of Credit Exchange with Lisa Lee, taped on 19 August 2026.“What you’re seeing is the repricing of long-term assets based on a recognition of a higher inflationary
Neuberger’s CIO says to focus on real interest rates
The rise in real yields because of government deficit spending, alongside ongoing huge demands for AI investment, are underpinning the rise in interest rates, says Ashok Bhatia, chief investment officer at Neuberger, an investment management firm with more than $600 billion in AUM.Speaking with Lisa Lee on the latest episode of Credit Exchange, Bhatia says that real interest rates are the key to u
Coller’s head of credit says volatility benefits secondaries market growth
“Whenever you have noise, that leads to more selling volume in our market – so volatility for us as secondary investors is a very good thing,” says Michael Schad, head of credit at Coller Capital, a secondaries specialist with $55 billion in AUM, on the latest episode of Credit Exchange with Lisa Lee.Schad is positive about the overall health of private credit, describing it as a “very attractive
TCW’s CIO of fixed income says feedback loop on AI spending is broken
“It’s just like nothing we’ve ever seen before,” says Bryan Whalen, CIO of fixed income at $200 billion global asset manager TCW, in reference to AI’s capital spend, equity prices and momentum on the latest edition of Credit Exchange with Lisa Lee. “What we’re looking at here is just everybody on one side of the boat, too much enthusiasm,” he says.“It just feels like it’s the beginning of the end
Golub co-CEO sees a Darwinian moment for private capital
“One of the predictions I would make is that the private equity industry is in a tectonic, Darwinian moment itself,” says David Golub, co-CEO of Golub Capital, a direct lending specialist with more than $90 billion in AUM.Speaking on the latest episode of Credit Exchange with Lisa Lee, Golub also sees a ‘Darwinian moment’ for private credit due to higher-than-usual credit stress and lower-than-exp
PIMCO’s multi-asset credit strategist on the AI infrastructure buildout versus adoption
Lotfi Karoui, multi-asset credit strategist at fixed-income behemoth PIMCO, says the top risk to markets and the economy is the potential unwinding of the AI capex cycle, on the latest episode of Credit Exchange with Lisa Lee.“Then you’re going to tighten financial conditions,” says Karoui, which is bad news for equities. That will have wealth effects and probably affect the broader economy. The m
Andalusian CEO says smaller firms are managing energy price spikes “quite well”
“We certainly have noted from an oil price or fuel price perspective, just how comfortable businesses have gotten with oil price or gas price pass-throughs,” says Aaron Kless, CEO and CIO of direct lending specialist Andalusian Credit Partners, on the latest edition of Credit Exchange with Lisa Lee.“They’ve really been able to manage that price volatility, and price spikes, quite well.”Andalusian
Seregh’s founder and CEO talks about opportunities in sports and arena real estate
“Last frontiers of alpha is in the sports and entertainment-related real estate,” says Jonathan Fascitelli, founder and CEO of sport and entertainment real estate firm Seregh, on a special edition of Credit Exchange with Lisa Lee, recorded at the FII Institute’s conference in Rome. Just 18 months since founding, Seregh already has more than $35 billion in their pipeline.Seregh, which has the backi
Permira Credit co-head says to brace for a more complex, late-cycle environment
“We’re clearly in late cycle, but we’re not obviously at the turning point,” says Ariadna Stefanescu, co-head of Permira Credit, in the latest edition of Credit Exchange with Lisa Lee. Permira is a global investment firm with buyout and credit businesses holding nearly €90 billion in committed capital.The current environment provides an opportunity for different managers to differentiate themselve
Bain Capital’s head of European credit says private credit exists for a reason
Middle-market direct lending finances growing businesses, says Gauthier Reymondier, head of European credit at Bain Capital, a private equity and credit powerhouse with more than $225 billion in assets under management.Reymondier speaks about the fundamental difference between US and European economic growth, the impact of artificial intelligence and capex spending, and consumer habits. While Euro
Canyon’s CIO says more distressed opportunities await
Issues in the software space and a looming maturity wall will result in a return to more traditional distressed opportunities, says Jeff Kivitz, chief investment officer at Canyon Partners, on the latest episode of Credit Exchange with Lisa Lee.There’s a wall of software debt maturities looming and while in the past these have “magically gone away, I think this wall is a little bit different,” Kiv
Carlyle’s deputy CIO of credit says they are starting to see inflationary cost pressures
“We’re starting to see some impact on cost. Very manageable, but it’s hard to ignore,” says Alex Chi, deputy CIO of global credit at Carlyle, one of the world’s largest investment managers with nearly $500bn in assets under management.Speaking on the latest episode of Credit Exchange with Lisa Lee, Chi says that they are being very careful about how they underwrite new credits going forward. But n
BCA’s chief geo-macro strategist says Iran war will lead to sticky inflation
The Iran war is currently in a “mushy middle”, says Marko Papic, a macro and geopolitical expert at global investment research firm BCA Research, in the latest episode of Credit Exchange with Lisa Lee.“[What] investors really have to focus on is not the verbiage, not the rhetoric, not the negotiations – but rather, the ships going in and out of Hormuz,” says Papic. While difficult to track, Hormuz
Barings’ co-head of global investments sees opportunity in real estate
The US healthcare space is very interesting as far as real estate is concerned, says David Mihalick, co-head of global investments at Barings, a $500 billion alternative asset manager with expertise in credit, real assets and emerging markets. Mihalick points to demographic trends with an ageing population and the need for medical offices and senior housing as reasons why Barings is keen. “We thin
Goldman’s global co-head of private credit says dispersion in performance is increasing
“The dispersion in performance is becoming more visible, certainly to institutional investors,” says James Reynolds, global co-head of private credit at Goldman Sachs, on the latest episode of the Credit Exchange podcast with Lisa Lee.“It’s clear, as you travel the world and speak to LPs, that there is a flight to quality happening. There is a flight to quality and scale,” he says.The headlines ar
Oaktree’s deputy CIO of strategic credit says we’re in the early innings of private credit dislocation
“We’ve been very opportunistic about deployment in cycles or dislocations, which I think we’re in the very early innings of,” says Milwood Hobbs, Jr., deputy chief investment officer of Oaktree’s strategic credit platform, on the latest episode of Credit Exchange with Lisa Lee.There were about USD 200bn of private credit loans inked in 2021 and 2022, when tech-related business valuations had reach
KPMG’s US head of private equity chats on Milken, AI and retail money
“Everybody’s still searching for that easy button on AI,” says David Neuenhaus, US head of asset management and private equity at KPMG, on the latest edition of the Credit Exchange podcast with Lisa Lee, taped at the conclusion of the Milken Institute Global Conference in Beverly Hills.Neuenhaus says AI was among the hottest topics at the conference, which featured a who’s-who of the finance world
Blackstone’s head of international says firm has ample liquidity
“We have ample liquidity,” says Dan Leiter, head of international at Blackstone Credit & Insurance, on the latest episode of Credit Exchange with Lisa Lee, as he explained the firm’s decision to honour all withdrawal requests at its private credit perpetual fund.“[As a result] it was not an issue to honour the redemption, and we thought it was the right thing to do,” says Leiter. Competitors –
Wellington’s macro strategist says China may come out as a winner from the oil shock
Global economies are adjusting to the oil shock from the Iran war, says Juhi Dhawan, macro strategist at Wellington Management, on the latest episode of the Credit Exchange podcast with Lisa Lee – and China has shown surprising resilience that may improve its competitiveness against Europe, Japan and some other Asian countries.Looking at the past performance of economies and markets to oil shocks,
Benefit Street Partners CEO says private credit’s doomsday scenario is overblown
“The doomsday scenario is a complete over-exaggeration,” says David Manlowe, CEO of Benefit Street Partners, on the latest episode of Credit Exchange with Lisa Lee. Manlowe asserts that investors will have time to see the impact of artificial intelligence, which could even help boost margins at software firms.“I don’t see a big company like, for example, Franklin Templeton, ripping out their core
ICG’s head of US liquid credit says Iran war will cause pain for consumers, housing
“We are going to see consumer pain, and particularly on the lower-income side of things,” says David Saitowitz, head of US liquid credit at ICG, a global alternative asset manager with $127 billion in AUM, on the latest Credit Exchange podcast with Lisa Lee.That means certain sectors could get hurt while others do very well, he says, adding that it’s a trend he’s already seeing. Anything consumer
Hayfin co-head of direct lending says European private credit better geared to weather uncertainty than US
Private credit firms, including Hayfin, are still willing to lend to software companies, says Marc Chowrimootoo, co-head of direct lending at alternative asset manager Hayfin, on the latest episode of the Credit Exchange podcast with Lisa Lee.“If that call comes in, we absolutely take that call,” says Chowrimootoo, on how he responds to a request from a private equity fund for a software LBO finan
Apollo’s head of investments Europe says private credit is going through a rite of passage
The current period is a “really important rite of passage” for retail access to private credit and direct lending, says Tristram Leach, head of investments Europe at Apollo Global Management, on the latest episode of Credit Exchange with Lisa Lee.“The five percent number is there for a reason,” says Leach, speaking about recent outflows from semi-liquid private credit funds that have seen a pickup
Napier Park’s CIO says firm has stockpiled cash to buy mispriced assets
“We’ve never had more undrawn capital,” says Jonathan Dorfman, chief investment officer at Napier Park Global Capital, a $40bn alternative credit manager. Napier Park has been prepping for a repricing of financial assets that predates the Iran war and the software crisis, Dorfman said in the latest episode of Credit Exchange with Lisa Lee.Have ready cash and take advantage to buy assets that are g
CVC’s head of credit sees dislocation, and private credit ready to deploy
“Private markets and private credit can be very, very helpful,” says Andrew Davies, in reference to the emerging dislocations he sees in financial markets, on the latest Credit Exchange podcast with Lisa Lee. Davies is the head of credit at CVC Capital Partners, a global private markets manager with more than EUR 200bn in AUM.That help could be in the form of helping banks that are struggling to o
Ares’ co-head of alternative credit says AI will hit a bit of a wall due to “sheer capital” need
“You are going to hit a little bit of a wall because of power. You’re going to hit a little bit of a wall, because of the sheer capital that’s supposed to be there to finance that piece,” says Joel Holsinger, co-head of alternative credit at Ares Management, on the latest edition of Credit Exchange with Lisa Lee.Holsinger expects to see a slowdown, because the current level is “probably unsustaina
Arini president Mathew Cestar says Europe’s missing AI boom provides opportunities
Europe has mostly missed the AI boom that’s driven a large part of US economic growth, says Mathew Cestar, president of Arini Capital Management, on the latest episode of Credit Exchange with Lisa Lee, taped in the London offices of the alternative asset manager. But that actually makes European credit more appealing, because while the intersection of technology and AI is an exciting equity story,
KKR’s co-head of credit says “it’s adult swim only” in markets
The investing environment has gotten hard, says Christopher Sheldon, co-head of credit and capital markets at KKR, on the latest episode of Credit Exchange with Lisa Lee. “It’s adult swim only.”There’s a lot of uncertainty in the market, and much of the investor community is trying to figure out what playing field they’re on, explains Sheldon. He discusses KKR’s latest investor letter, titled CTRL
Carlyle's co-president says AI’s improvements to workflow will be felt in months, not years
“We have this great tool out there called AI, and we haven’t 100% figured out how to implement it yet,” says Mark Jenkins, co-president and head of global credit & insurance at Carlyle, on the latest edition of ‘Credit Exchange with Lisa Lee’. Jenkins predicts that the next stage is going to be how corporates implement AI into their workflows, and that the process is “really in the first innin
BlackRock co-head of leveraged finance says significant downside risk for credit sectors impacted by AI
“Whether it be in the high yield bond market or in the leveraged loan market, even the hint or threat of AI impeding on really any sector – you see pretty significant downside,” says Mitch Garfin, co-head of leveraged finance at the world’s largest asset manager BlackRock, on the latest episode of Credit Exchange with Lisa Lee.Garfin is constructive on the market generally, with growth continuing
Morgan Stanley head of private credit and equity says we’re looking at a multi-year M&A uptick
“It’s going to be a slow build, and we think a sustained multi-year increase in activity,” says David Miller, head of private credit and equity at Morgan Stanley Investment Management, on the latest episode of Credit Exchange with Lisa Lee, speaking about M&A and LBOs.The geopolitical headlines haven’t yet changed the economic picture, says Miller. But over time, they may impact on confidence
Federated Hermes’ deputy CIO of fixed income says FOMC members may not embrace Trump’s pick for Fed chair
R.J. Gallo, deputy CIO of fixed income at Federated Hermes, addresses the recent DOJ move to investigate Federal Reserve chairman Jerome Powell and the possible impact on monetary policy, on the latest episode of ‘Credit Exchange with Lisa Lee’.Gallo, who will take up the fixed income CIO role in May, says we might see a more divergent FOMC where the votes actually matter.“Does that make them more
Janus Henderson head of multi-sector credit has bullish outlook for 2026
“I come into the year extremely bullish about fixed income and credit in general,” says John Lloyd, global head of multi-sector credit at Janus Henderson, on the latest episode of Credit Exchange with Lisa Lee. The asset manager oversees nearly half a trillion dollars of AUM.Lloyd speaks about how markets are shrugging off some recent big geopolitical events because they do not impact earnings tod
Eagle Point founder Tom Majewski unpacks First Brands, rise of coercive restructurings
While credit is “probably a four-letter word right now,” it is doing reasonably well, says Tom Majewski, founder and managing partner at Eagle Point Credit Management.“But headlines around the space will continue, and perhaps that unto itself creates some credit challenges,” he adds on the latest episode of Credit Exchange with Lisa Lee.Majewski unpacks the First Brands collapse and fraud in gener
Conning North America CIO says we are in a ‘stretched K-shape’ economy
The degree of inflation the past few years has stretched the ‘K’ that defines the K-shaped economy, says Cindy Beaulieu, chief investment officer at Conning Noth America, in the latest ‘Credit Exchange with Lisa Lee’ podcast. Asset valuations and home prices have further added to the pressure.The labour market is central to consumers in both the top and bottom of the K. The upper cohort are partic
MUFG co-head of EMEA capital markets says AI data boom will drive activity in 2026
The driver for 2026 will be the real step-change in capex requirements all around the AI data boom and the needs of hyperscalers, said Fabianna Del Canto, co-head of EMEA capital markets at MUFG, on the latest episode of the ‘Credit Exchange with Lisa Lee’ podcast.“The absolute quantum required by the data centres dwarfs really any other type of infra-spend that we’re seeing,” said Del Canto.Among
AllianceBernstein deputy CIO says we are seeing an insurance renaissance
Innovation on the liability side is allowing insurance companies to change their funding costs and be more competitive, says Gary Zhu, deputy chief investment officer of insurance at AllianceBernstein (AB), in the latest episode of ‘Credit Exchange with Lisa Lee’.Zhu discusses the proliferation of insurance capital into private assets. He explains that dynamic has to do with lengthening lifespans
Satori Insights founder says the tide of easy money pushes everything upwards
The end of the US government shutdown has paved the way for a “renewed melt up,” says Matt King, founder of Satori Insights, on the latest episode of Credit Exchange with Lisa Lee. Not just risk assets like equities and credit, but things like gold and Swiss francs, as people worry about how this ends – even as the tide of easy money pushes everything upwards, says King, formerly Citi’s global mar
Tetragon co-CIO shares lessons learned from First Brands and Tricolor
The bankruptcies of auto sector firms First Brands and Tricolor Holdings hold “lessons for the future” for credit investors, says Tetragon co-CIO Dagmara Michalczuk on the latest episode of Credit Exchange with Lisa Lee. “The governance issue, although it seems like a soft and fuzzy idea, is incredibly important,” Michalczuk says. “Investing with folks that are not transparent – that has its risks
Crescent president says due diligence matters in credit investing
“There are lots of mixed signals out there,” says Chris Wright, president of Crescent Capital Group, on the latest episode of Credit Exchange with Lisa Lee. That’s creating uncertainty. “When we think about the investment environment, we approach it with caution.”On the bankruptcies of First Brands and Tricolor, Wright doesn’t see them as canaries in the coalmine or a tipping point in the economy.
Apollo co-head of asset-backed finance says ABF increases the lending toolkit
Bret Leas, co-head of asset-backed finance at Apollo Global Management, speaks about this booming segment of private credit with Credit Exchange host Lisa Lee, managing editor at Creditflux and editor-at-large at Debtwire. Leas can see the private credit market exceeding the current growth forecast of $40 trillion, and that will have repercussions. “The financing toolkit has gotten so much broader
JPMorgan head of global credit financing expects more corporations to default
“The idea that default rates will go up over time is not particularly difficult to get to,” says Jake Pollack, head of global credit financing and North America credit trading at JPMorgan, on the latest Credit Exchange podcast with Lisa Lee. “The markets have been very sanguine, and it won’t be surprising if we see more defaults in the coming months and even years.”Corporate America is doing well,
PGIM co-CIO says there’s tremendous fragility in the system
“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
Antares CEO says bigger private credit deals will happen
“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 indee
Amundi CIO of fixed income sees a global rebalancing away from the US dollar and Treasuries
“Existing investors are probably too long the dollar. They enjoy a very good ride. Valuations are expensive. It makes sense to take profit,” says Grégoire Pesques, CIO, global fixed income at Europe’s largest asset manager Amundi, in the latest Credit Exchange podcast with Lisa Lee.The US, UK, many Eurozone countries, Japan – all have been spending profusely, causing deficits to be a big issue alm
Churchill chief investment strategist says private credit has won the buyout financing game
“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 co
Arena CEO says the health of the consumer is a canary in the coal mine
“One interesting canary in the coal mine that has not been materially recognised, is the health of the consumer,” says Dan Zwirn, CEO, CIO and co-founder of Arena Investors, on the latest episode of Credit Exchange with Lisa Lee.Zwirn has observed delinquencies in unsecured obligations increase materially, as well as stress in areas like the sub-prime auto market. Original issue consumer lenders a
Oak Hill Advisors senior partner says market volatility is now a certainty
“Volatility is now certain. Before, we feared chaos because no-one knew what was coming. Now, it’s priced in” – Alan Schrager, senior partner at Oak Hill Advisors, in the latest episode of Credit Exchange with Lisa Lee.Focus on Treasury markets, advises Schrager. “As a professional investor, what we look at are actually the Treasury markets. They’re sending this signal that there’s this risk inher
Barclays head of global research says macro picture is the biggest risk for credit
The likelihood of a September rate cut has edged higher. “They will move ahead with that,” predicts Brad Rogoff, head of global research at Barclays, in the latest Credit Exchange podcast with Lisa Lee.He adds, however, that the market “does need to get used to lower job numbers,” citing what’s currently taking place with immigration and fewer people coming into the workforce. “Just to have a heal
Western Asset CIO sees green shoots in commercial real estate
“We’ve been increasing our exposure to prime office,” says Michael Buchanan, chief investment officer at Western Asset, a fixed income specialist owned by Franklin Templeton, in the latest Credit Exchange podcast with Lisa Lee.New York office property, especially the higher end, is doing very well, Buchanan observes. Also attractive are hotels, lodging, offices, multi-family accommodation and ware
Carlyle head of liquid credit sees a slowdown in sales and earnings growth
“From what I could see in our proprietary data, we are seeing a bit of a slowdown,” says Lauren Basmadjian, head of liquid credit at Carlyle, a powerhouse with USD 199bn in credit assets under management, in the latest ‘Credit Exchange’ podcast with Lisa Lee.It's early days, with only about 10% of the portfolio companies that Carlyle lends to having reported thus far. Cautioning that it’s not fuls
Crescent co-founder, Brewers owner says sports investing is a growing field
“There’s nothing more compelling than live sports,” says Mark Attanasio, co-founder of asset manager Crescent Capital Group, on the latest Credit Exchange podcast with Lisa Lee. The marketplace, now some USD 3tn in size, has the most-watched programs in media, as well as the ability to bring communities together.Attanasio, who is the principal owner of the Major League Baseball team the Milwaukee
BlackRock head of macro credit research says not shying away from credit risk is the right call
Corporates have showcased resilience in navigating policy shifts, according to Amanda Lynam, Head of Macro Credit Research within the Portfolio Management Group at BlackRock, on the latest edition of the ‘Credit Exchange’ podcast with Lisa Lee.Lynam also noted the surprising resilience of corporates to navigating a higher cost of capital.But she advises monitoring the very important feedback loop
Oaktree co-PM of global credit sees investors still pivoting to fixed income
“I’ve continued to see large investors, both on the individual side [and] on the institutional side, continue to rotate their portfolios into fixed income,” said Wayne Dahl, co-portfolio manager of global credit and global credit investment grade strategies at Oaktree Capital Management, on the latest edition of the ‘Credit Exchange’ podcast with Lisa Lee.Economic growth will slow, forecast Dahl,
Loomis Sayles’ Matt Eagan says we have traded private credit loans and others will follow
“We've done our first trades and some of the first trades in the industry in investment grade private,” says Matt Eagan, who heads the full discretion team at Loomis Sayles and oversees USD 80bn of AUM, on the latest edition of the Credit Exchange podcast with Lisa Lee.Eagan, who sits on the asset manager’s board of directors, likens investing nowadays to Ozzy Osbourne’s song Crazy Train. Structur
Arini president says the ‘real economy’ of Europe needs financing
“We know there’s a big pan-European need for financing,” says Mathew Cestar, president of Arini, one of the fastest growing alternative credit managers, on the latest edition of the Credit Exchange podcast with Lisa Lee.Cestar, who has more than 25 years of experience in European credit markets and once headed a major investment bank, details the evolution of capital markets in the region, from hi
Sound Point CEO says paradigm shift in US economy lessens likelihood of tariff-induced recession
“We’re at a reasonable balance now.” That’s the view of Stephen Ketchum, founder and CEO of Sound Point Capital Management, regarding the state of credit markets in June on the latest edition of the ‘Credit Exchange’ podcast with Lisa Lee.Sound Point, an alternative asset manager with over USD 43bn in AUM, de-risked its portfolio earlier this year, when the firm felt there was a little bit too muc
Goldman Sachs co-head of private credit says not everything is rosy
While private credit broadly has showcased resilience and strength, “under the surface, not everything is as rosy,” according to James Reynolds, global co-head of private credit at Goldman Sachs. Reynolds spoke with Lisa Lee, managing director at Creditflux and editor-at-large at Debtwire, at this year’s Debtwire Private Credit Forum Europe in London on 17 June.Goldman has started tracking the deb
BofA, King Street, Blackstone, Federated Hermes: investors optimistic, bullish on European structured credit
The mood at the Global ABS 2025 structured credit industry confab this week was positive, according to bankers, asset managers and investors at the Barcelona conference. Taped (mostly) live in Spain, Credit Exchange host Lisa Lee caught up with guests from Bank of America, hedge fund King Street, Blackstone and Federated Hermes.Alex Batchvarov, managing director, global research at Bank of America
Ares’ co-head of direct lending says the M&A market is normalising
The M&A market is normalising, said Matt Theodorakis, co-head of European direct lending at Ares, in the latest ‘Credit Exchange’ podcast, recorded at the SuperReturn International conference in Berlin, Germany.“People are looking to do deals going forward” after taking a pause following ‘Liberation Day’, Theodorakis told host Lisa Lee, managing editor at Creditflux.Investors – limited partner
TCW CIO of fixed income says volatility could cause credit markets to break this year
Investors aren’t being paid enough a premium for the risks in US corporate credit, said Bryan Whalen, chief investment officer of fixed income at TCW, on the latest ‘Credit Exchange with Lisa Lee’ podcast.Whalen, who oversees USD 180bn in fixed income assets, contends investment-grade corporate credit spreads should be paying 50% more than they are. Investors should be getting 120 basis points of
KKR co-head of global liquid credit says credit markets have become more stable and behave differently
“Look at credit markets, they behaved quite differently this time,” said Eddie O’Neill, co-head of global liquid credit at KKR, about the period of volatility that whipped global financial markets in April. “They were very stable.”When equity markets were volatile, credit markets did see some selling off but in a very orderly repricing of risk. There was “no blood in the streets, no sustained buyi
Neuberger Berman head of private debt says private equity will help private credit weather troubles
People fail to give the private equity funds the credit they deserve, said Susan Kasser, head of Neuberger Berman Private Debt, on the latest ‘Credit Exchange with Lisa Lee’ podcast.Whilst in terms of investment opportunities, it has been a less productive start to the year, private equity funds have found interesting investment opportunities. Neuberger Berman has already committed to financing a
Blue Owl co-president 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 a
Blackstone global CIO of Credit & Insurance says private credit’s golden era never really ended
Volatility creates opportunity, Michael Zawadzki, global CIO of Blackstone Credit & Insurance, told host Lisa Lee on the Credit Exchange podcast.“Stick with the fundamentals that have been working for us and look to play offense where volatility creates opportunity,” said Zawadzki. In the seven or eight days following the 2 April tariff announcement, Blackstone traded over USD 5 billion of liq
Goldman Sachs co-head of global private credit says M&A rebound will come
The expected M&A rebound may take longer to materialise, but it will come, Vivek Bantwal, co-head of global private credit at Goldman Sachs, said on the Credit Exchange podcast. Both public markets and private markets have a place, and in some areas, there’s been a blurring of the lines between the two, Bantwal told Lisa Lee, the managing editor of Creditflux.Given Goldman’s role at the centre
Napier Park CIO says Trump tariffs will materially impact credit, raise financing costs
The Trump administration chose a shock-and-awe approach to begin tariff negotiations, and backpedalling from the more extreme stances is the right decision, said Jonathan Dorfman, co-founder and CIO of alternative credit manager Napier Park Global Capital, on the latest ‘Credit Exchange with Lisa Lee’ podcast. Regardless, it’s clear there will be some tariffs, and credit investors should take that
Arcmont CIO says best time for private credit is during market volatility and dislocation
For private credit, the best dealmaking times are when there’s more volatility, says Mattis Poetter, chief investment officer of leading European private credit firm Arcmont Asset Management, on the latest edition of the ‘Credit Exchange with Lisa Lee’ podcast. “Volatility is generally a very good thing for us in terms of dealmaking and new underwriting,” Poetter told host Lisa Lee, managing edito
KKR head of private credit sees more volatility, more uncertainty and more tailwinds for private credit
The markets are experiencing a bumpier road than expected on January 1st, said Daniel Pietrzak, global head of private credit at KKR, on the latest issue of the Credit Exchange podcast. Markets have shifted in the past eight weeks, or from the election in November, but the economy still remains in pretty good shape, Pietrzak told Lisa Lee, managing editor at Creditflux. KKR is starting to see a co
Bain Capital global head of credit sees compelling opportunities in CLOs, high-yield bonds
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 spread
Apollo co-head of European credit says European investment thesis has changed dramatically
We’re on the cusp of profound change in Europe, says Tristram Leach, co-head of European credit at Apollo Global Management, in the latest “Credit Exchange” podcast. Leach spoke with Lisa Lee, the managing editor at Creditflux, on how the degree of policy uncertainty at a global level has driven a fundamental re-evaluation of how Europe needs to conduct itself.Germany, in particular, is looking to
Carlyle head of global credit sees USD 23 trillion opportunity in investment-grade private credit
Mark Jenkins, head of global credit at Carlyle, speaks with Creditflux's managing editor Lisa Lee in the latest edition of the Credit Exchange podcast, about the vast growth potential in asset-backed and investment-grade private credit to a roughly $23 trillion market as bank retreat from the space. IG private credit is gaining traction with institutional investors because they are able to get a p
Ares co-head of European credit says private market deals will get bigger
In the latest edition of Credit Exchange podcast, Mike Dennis, co-head of European credit at Ares Management, speaks with Creditflux's managing editor Lisa Lee about Ares’s record-setting private credit fundraise for direct lending and opportunities to invest in Europe. Investors are still excited about the opportunity set in Europe, evidenced by Ares’s EUR 30bn direct lending fund which attracted
Oak Hill Advisors senior partner sees crosswinds in credit markets
In the latest edition of Credit Exchange with Lisa Lee, Alan Schrager, senior managing partner of Oak Hill Advisors, speaks with Creditflux's managing editor Lisa Lee about the cross-currents in credit markets which is blazing hot with spreads going tighter but there’s issues of tariffs, immigration reform and defaults. Spreads have gone tighter in many markets, not only credit or private credit,
Credit Exchange Trailer
Credit Exchange with Lisa Lee. Explore the latest trends in global credit markets with the biggest movers and shapers on Wall Street and the City, hosted by financial reporting veteran Lisa Lee.
Fortress co-CEO sees biggest opportunity in asset-based finance
On this inaugural episode of Credit Exchange, host Lisa Lee sits down with Fortress co-CEO Drew McKnight who sees the best play of 2025 in asset-based finance as banks become increasingly disintermediated. While President Donald Trump's win may loosen bank regulations, banks will still need to comply with Basel III and shore up liquidity to deal with asset-liability mismatches. Fortress is cautiou
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