I for one am really looking forward to creditor-on-creditor savagery. 🍿

'What we are seeing is the re-tranching of the banking system where banks parcel the riskiest slice to private credit, providing less risky lending themselves' I argued in @Ft recently

My meetings at Milken, so far, give me more conviction on this

x.com/tracyalloway/s…
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Private credit the most popular topic on day 1 Milken Institute

🧵

1) Fears of 'lender-on-lender violence' increasing as stress in portfolios tick-up

2) Many looking to asset-backed lending for greener pastures as leverage lending is heavily picked over & banks are back!

'lender on lender violence', I love it

Tracy Alloway Huw van Steenis for a while i thought this is a poem and want to get the rhythm out of it

Pleasure to join tom keene & Paul Sweeney on Bloomberg Radio to discuss the tussle between private credit and banks - and Tom's choice of new piano

We also chatted about why private credit firms have changed tack from adversaries, partnering up with banks to originate more assets

'What we are seeing is the re-tranching of the
banking system where banks parcel the riskiest
slice to private credit, providing less risky lending
themselves. Private credit could be the Ozempic
to help banks on yet another diet' - Huw van Steenis

oliverwyman.com/our-expertise/…

What we are seeing is the re-tranching of the banking system where banks parcel the riskiest slice to private credit, providing less risky lending themselves. Thats why private credit & banks are partnering. Private credit could be the Ozempic to help banks on yet another diet

Pleasure to join tom keene & Paul Sweeney on Bloomberg Radio to discuss the tussle between private credit and banks - and Tom's choice of new piano

We also chatted about why private credit firms have changed tack from adversaries, partnering up with banks to originate more assets

What we are seeing is the re-tranching of the banking system where banks parcel the riskiest slice to private credit, providing less risky lending themselves. Thats why private credit & banks are partnering. Private credit could be the Ozempic to help banks on yet another diet

I'll be on Bloomberg Radio today 7.30 ET w/ tom keene
& Paul Sweeney to debate private credit 2.0 - inc the pivot to partnerships w/ banks and tilt to asset-backed lending - and no doubt banks too.

Huw van Steenis is just so good at writing financial history in real time.

'Products and returns that have been locked on the balance sheets of financial institutions for the last 40 years are on the way to you as investment products'

Marc Rowan's Apollo Global Management, Inc. talk was one of the highlights of the Norges investment summit this week

'Products and returns that have been locked on the balance sheets of financial institutions for the last 40 years are on the way to you as investment products'

Marc Rowan's Apollo Global Management, Inc. talk was one of the highlights of the Norges investment summit this week

Good article giving a flavour of how many UK investment managers lost their way by Toby Nangle Financial Times

Shifts in pension funds, Brexit, poor M&A, rates all count - but probably the largest challenge has been failing to capitalise on the barbelling to passive and alternatives:

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