Why Credit Conditions Have Actually Eased Over Past Year | Oaktrees Wayne Dahl on High-Yield Bonds, Leveraged Loans, Private Credit, and the Recession Yet To Arrive
Forward Guidance is sponsored by VanEck. Learn more about the VanEck Morningstar Wide MOAT ETF (MOAT) at https://vaneck.com/MOATFG.\n\nFollow VanEck on Twitter https://x.com/vaneck_us\nFollow Jack Farley on Twitter https://twitter.com/JackFarley96\nFollow Forward Guidance on Twitter https://twitter.com/ForwardGuidance\nFollow Blockworks on Twitter https://twitter.com/Blockworks_\n__\nTimestamps:\n(00:00) Introduction\n(01:36) The High-Yield Bond Market\n(10:08) VanEck Ad\n(10:48) Putting Money To Work When Credit Is Priced Optimistically\n(19:27) The Bank Loan Market (i.e. Leveraged Loans)\n(25:04) How Are Loan Borrowers Handling 500 Basis Points Of Increased Debt Costs?\n(28:59) Permissionless Ad\n(29:58) The Rise of Private Credit: Are We In The Golden Age?\n(41:34) Is Private Credit An Untested Asset Class In A Potential Recession?\n(46:53) What Is The Private Credit Money Used For?\n(52:57) Why Do Active Managers Manage To Outperform The Index In Credit, When In Equities So Many Underperform?\n(58:51) Loan Refinancings Are Occurring At A Record Pace\n(01:03:02) Structured Credit And Non-Agency RMBS (Residential Mortgage-Backed Securities)\n(01:04:40) Specialty Retail and Emerging Markets\n(01:07:02) Commercial Real Estate (CRE)\n\n__\nDisclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.