Profile of Apollo, covering its evolution from a private equity firm to an investment giant rivaling the biggest Wall Street banks. The article includes notable deals, such as Intel, Anthropic, and Vonovia (Bloomberg)
Cox Capital launched a tender offer for shares of non-traded BDCs managed by Apollo, Ares, and HPS at 15% to 30% discounts (Reuters)
Per survey, 57% of global insurers plan to increase private credit allocations over the next 12-24 months, up from 37% in 2024. Interest is concentrated in IG assets, including Direct Lending, ABS, and NAV (Financial Times)
Citi’s turnaround under Jane Fraser, marked by asset sales, headcount cuts, and outside hires, finally restored the bank’s pre-GFC market cap. Analysts are bullish, but former/current employees have concerns (Financial Times)
Private credit underwrote 2022-23 deals assuming rates would quickly decline. Now the market is pricing fresh hikes, which no one underwrote for, signaling more pain ahead (CNBC)
Private credit is expected to outperform PE over the medium term as the higher-for-longer interest rate environment persists (Planadviser)
Goldman is pitching capital call lines to institutional investors, allowing them to buy back facilities extended to their own funds (Bloomberg)
Private credit is providing preferred equity to PE firms as slower exits drive liquidity needs. Issuance rose from $6B in 2024 to $9B+ in 2025, funding LP distributions and new investments (9fin)
Apollo to invest ~$20B in Mexico to finance projects, including infrastructure and other debt. The Mexican government has been courting private capital to finance the country's infrastructure (Bloomberg)
Hyperscalers’ bonds make up 4-5% of the IG index, but 8.3% of its Duration Times Spread (risk measure), meaning their impact on risk exceeds what their market-value footprint alone would suggest (Bloomberg)
Oracle's credit rating was cut to BBB-, just one notch above junk, as the company burns cash faster than it can generate revenue while funding a $250B data center buildout (Bloomberg)
Green bonds are on the rise amid backlash against data centers. Proceeds can finance data centers that meet energy-efficiency standards or include the development of renewable power such as solar and wind (Bloomberg)
BofA and the City of Chicago scrapped plans to sell the city's $1B+ of past-due receivables, including parking tickets. Lack of precedent, privacy concerns, legal risk, and reputational concerns killed the deal (Bloomberg)
Despite the 10Y+ IG corporate bond index yielding around 6%, its spread over Treasurys is only about 50 bps wider than that of 1-3Y IG bonds, making the long end less of a no-brainer (WSJ)
Middle East bond spreads hit a 4-year high of 402bps over Treasuries amid the U.S.-Iran conflict, making it the worst-performing EM dollar bond region, with spreads 163bps wider than peers (Bloomberg)
Indian private credit and ABS are rising, driven by favorable market conditions and 14-17% IRR potential (FinanceAsia)
Wall Street banks say consumers remain healthy as spending fuels consumer loan growth, with delinquencies below expectations (Reuters)
New York’s one- and two-year rent freezes will affect 1 million rent-stabilized apartments, capping revenue while operating costs continue to rise. Near-term CMBS risk is modest, but likely to increase over time (Fitch)
The New York Yankees and Apollo are working on a $3B financing package, consisting mostly of debt and some equity, for the baseball team. Proceeds will refinance existing debt and fund growth investments (Bloomberg)
Blackstone-owned QTS Realty (data centers), which had been in the process of raising a $1B term loan and $1B bond issuance, instead opted for a $3.25B loan sale led by JPMorgan (Bloomberg)
Robinhood to sell $400m ABS backed by consumer credit card receivables, with the highest-rated tranche yielding SOFR+0.8%. It’s the company’s first offering of this kind (Yahoo Finance)
Connecticut public utility RWA to issue $2.4B of Munis to finance its acquisition of Aquarion Water Company from publicly traded Eversource Energy (Bloomberg)
Mitsubishi UFJ lined up $1.5B of debt to finance Aditya Birla’s acquisition of Shell’s renewable assets in India (Bloomberg)
Taiwan-based GMI Cloud is raising NT$20.45B ($635m) in a GPU-backed loan, primarily from Asian banks active in similar U.S. transactions (Bloomberg)
The African Dev. Bank approved a $400m loan to South Africa, which will be guaranteed by the UK, to fund water and electricity projects in coal mining and power plant regions under a climate finance program (Financial Post)
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