The Credit Clubhouse

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/

DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/
DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠
Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club

Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout.

00:00 - Welcome to the Credit Clubhouse and DealCatalyst updates
01:56 - Introducing Connor Fitzgerald from Wellington Management
02:20 - Defining characteristics of today's corporate credit environment
05:42 - Disconnects between pricing and corporate credit fundamentals
07:54 - Fed policy influence versus fiscal policy and fundamentals
11:04 - Fed policy scenarios challenging corporate credit investors
13:49 - Key drivers of bond yields and AI market distortion
18:35 - Is today's market accurately reflecting credit risk?
19:57 - Compelling opportunities outside the AI build-out
23:21 - AI infrastructure issuance and sector allocation changes
28:28 - Identifying the biggest risks in the AI build-out
33:11 - How AI issuers will evolve in IG portfolios
35:00 - Developments impacting corporate credit markets in 1-2 years
38:08 - Consensus market views investors are underestimating
39:43 - Personal insights and final thoughts on AI risks
42:00 - Thank you for listening to The Credit Clubhouse

Connor Fitzgerald, Fixed Income Portfolio Manager, Wellington Management - https://www.linkedin.com/in/connor-fitzgerald-789b0b166/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/

DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/
DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠
Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club

Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout.

00:00 - Diving into credit markets with KBRA DLD
01:56 - Unpacking private credit headlines with performance data
07:09 - Redefining private credit beyond distribution strategy
11:50 - The need for standardized data in private credit
15:01 - How lenders and sponsors stabilize direct lending
20:07 - Assessing default risks in software and other sectors
25:47 - Direct lending's underappreciated strengths and recovery
30:28 - How to address negative narratives in private credit
35:30 - Guests' hobbies, and industry predictions

Kelly Thompson, Managing Director, KBRA DLD - https://www.linkedin.com/in/kelly-thompson-29179313/

Eric Rosenthal, Senior Director, KBRA DLD - https://www.linkedin.com/in/eric-rosenthal-5866489/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

Important Disclosure: The views and opinions expressed here reflects the judgments and opinions of the speaker(s), do not purport to be complete, and do not reflect the official position of any affiliated firm, employer, or organization. No obligation to update or otherwise revise such views and opinions is being assumed. The content is provided for informational and educational purposes only and should not be construed as investment, legal, tax, or financial advice. Statements regarding market or economic conditions, forecasts, and forward-looking expectations are inherently uncertain, and actual results may differ materially. This content does not constitute, and should not be construed as, an offer of advisory services, securities or other financial instruments, a solicitation of an offer to buy any security or other financial instrument, or a recommendation to buy, hold or sell a security or other financial instruments in any jurisdiction. References to specific securities, issuers, indexes, and strategies are for illustrative purposes only, may or may not be currently held by the hosts and guests in a direct or indirect capacity, and are not intended to be, and should not be interpreted as, an indication that an investment has been or will be profitable. Listeners should conduct their own due diligence and consult with a qualified financial, legal, or tax professional before making any investment decision.

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/

DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/
DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠
Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club

Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout.

00:00 - Welcome to The Credit Clubhouse
02:20 - Unpacking access, complexity, and work premiums
05:10 - How sponsor capital benefits the lower middle market
07:16 - Metropolitan's ethos: loan-to-asset value & niche finding
12:04 - Speed in non-sponsored deals
14:10 - Sourcing, empathy, and 'skin in the game' principles
17:32 - Unlocking value in fundamental, below-the-radar businesses
20:07 - Mitigating risk with asset protection and covenants
23:10 - AI's impact on private credit
27:04 - Proactive interventions and managing challenging situations
33:15 - Specialization, LP sophistication, and market misconceptions
37:34 - Paul Lisiak's hobbies, insights, and future predictions
40:16 - Thank You for listening to The Credit Clubhouse

Paul Lisiak, Managing Partner, Metropolitan Partners Group - https://www.linkedin.com/in/paul-lisiak-0611/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/

DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/
DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠
Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club

Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout.

00:00 — Exploring Credit Markets and Welcoming Luke Chan
02:17 — Why Collateral is Key to Private Credit Investing
07:00 — How AI is Reshaping Software Lending Dynamics
16:35 — The Future of Software Valuations and Capital
19:18 — Addressing Capital Needs for Digital AI Infrastructure
24:45 — Finding Value in Off-the-Run Asset Types
30:55 — Understanding Real Risks in Private Credit Investing
33:18 — Lessons and Predictions for Credit Market Cycles
36:59 — Luke Chan's Hobbies, Advice, and Market Forecast

Luke Chan, Head of Private Credit, HighVista Strategies - https://www.linkedin.com/in/lukechan/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast

This episode is presented by ⁠Cardo AI⁠, the operating system for asset-based finance. Curious to see the platform in action? Book a demo to learn more - https://cardoai.com/book-a-demo/

DealCatalyst Homepage⁠ - https://www.dealcatalyst.io/
DealCatalyst Events⁠ - https://www.dealcatalyst.io/events⁠
Private Credit Club⁠ - https://www.dealcatalyst.io/private-credit-club

Listeners can save 10 percent on conference tickets by using the promo code CREDIT at checkout.

00:00 - Welcome to the Credit Clubhouse
01:56 - PGIM's Dianna Carr-Coletta on private credit's evolution
04:03 - Debunking risk perceptions in private credit lending
06:23 - How PGIM Builds Direct Relationships with Companies
10:14 - Why direct relationships matter for borrowers
13:11 - Technology's role in sourcing non-sponsored deals
15:58 - Evaluating direct lending's resilience post-GFC and COVID
18:07 - Comparing risk and return in private credit segments
23:30 - Uncovering overlooked risks and borrower education gaps
26:14 - The untapped potential in non-sponsored middle market
30:37 - Navigating competition and terms in private credit
33:47 - Investor insights and middle market competition dynamics
39:52 - Covenants as a tool for risk management and value preservation
44:31 - Private credit's exciting future
46:42 - Dianna's hobbies, family, books, and AI's impact
51:07 - Thank you for listening to The Credit Clubhouse

Dianna Carr-Coletta, Managing Director & Partner, Private Credit, PGIM - https://www.linkedin.com/in/dianna-carr-coletta-20331135/

Todd Anderson, Head of Content & Programming, DealCatalyst - https://www.linkedin.com/in/toddanderson19/

https://linktr.ee/thecreditclubhousepodcast