Barings’ Bryan High on Adjusting to Volatility: Credit Crunch
“If you were a client that was focused on North America, you’re probably picking your head up a little bit and saying, ‘What else do you have away from North America that could be interesting?,’” according to Bryan High, head of Barings’ Global Private Finance Group. High joined Bloomberg Intelligence’s Noel Hebert on this episode of the Credit Crunch podcast to talk about the benefits of a global platform amid uncertainty, when secondaries make sense, where the growth is in private credit and managing for effective leverage. They talk about being with a borrower through its life cycle, finding structures for less-conventional opportunities and much more.
The Credit Crunch podcast is part of BI’s FICC Focus series.
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1:02:52
Liquidity and Central Bank Reserves with Matt King: All Options Considered
As cross-asset volatility resets following peak tariff fear, the geopolitical risk premium in the oil options market has moved higher. In this edition of the All Options Considered podcast, Bloomberg Intelligence’s Chief Global Derivatives Strategist Tanvir Sandhu is joined by Matt King, founder of Satori Insights, to discuss the impact of changes in central-bank reserves, liquidity and flows on markets.
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12:36
Charlesbank’s Hau on Playing to Your Strengths: Credit Crunch
“We are sourcing, identifying misunderstood, high-quality middle-market companies where we have a real edge...,” said Sandor Hau, Managing Director & President, Credit, at Charlesbank, who oversees the company’s opportunistic credit investment team. Hau joined Bloomberg Intelligence’s Noel Hebert on the latest episode of the Credit Crunch podcast to discuss cutting teeth on the ground in the Asian financial crisis, missing out on the dot.com boom, a private equity approach to credit investing and tradeoffs between primary- and secondary-market investments. He also spoke about valuing heritage, leveraging learnings across the firm and portfolio companies and much more.
The Credit Crunch podcast is part of BI’s FICC Focus series.
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52:44
SVP's Geenberg on Distressed Turnarounds: State of Distressed Debt
"If you've got [a company] that just doesn't have a logical strategic long-term owner or the industry's consolidated in a way that nobody can regulatorily do it, you're buying into a problem...And so we try to be very thoughtful about that coming in. And sometimes that means you can't do a deal. Sometimes that means you have to do it even cheaper to account for a discount on the backend too."David Geenberg, Head of Strategic Value Partners' North American Investment Team, explained to BI's Noel Hebert and Phil Brendel why contemplating exit strategies up front is part of SVP's investment process. Geenberg detailed how SVP's global investment team blends complementing skill sets to help it tackle all facets of its portfolio companies' investment cycle, including sourcing paper, restructuring, litigation, identifying corporate leaders, M&A, and strategic planning (6:25). Prior to that, BI's Noel Hebert and Phil discussed the return of risk appetite in May as tariffs were reeled back. The podcast concludes with BI's Negisa Balluku joining them for a roundtable discussion on Hertz, Serta, Azul, Sunnova, and WeightWatchers (1:12:45).
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1:43:11
Canyon’s Potts Leans Into CRE Complexity Premium: FICC Special
Commercial real estate lending remains highly sensitive to US interest rates, yet it also offers a much wider complexity premium than competing fixed income asset classes, with potential for outsized investor returns. Robin Potts, chief investment officer of Real Estate at Canyon Partners, joins BI chief fixed income strategist Damian Sassower to discuss her firm’s approach to risk management, recovery mechanisms, loan origination and product evolution. Potts and Sassower discuss financing structures, liquidity trends, operating expenses and the broader landscape for institutional capital.
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