Private Credit Stress Brings Anxiety and Opportunity to Milken [BNN Bloomberg (Canada)]
Blue Owl Capital Inc. Class A (OWL)
Company Research
Source: BNN Bloomberg
Wall Street heavyweights gathered in Beverly Hills this week for the annual Milken Institute Global Conference just days after the Federal Reserve signaled it is prepared to keep overnight lending rates elevated, if economic trends warrant. On panels and in closed-door meetings, some expressed concern that liquidity issues for borrowers that binged on debt when rates were low are being masked by amendments to loan terms, such as maturity extensions and payment-in-kind arrangements. A spike in such amendments last year - which has kept default rates low so far - was meant to buy time for rates to fall, a prospect that's now looking unlikely. But the hidden strain remains as investments made from 2019 to 2022 were highly leveraged, with a view that interest rates would stay low for a long time. “This cannot be extended forever,” Katie Koch, chief executive officer of the TCW Group Inc, said in a Bloomberg Television interview at the conference. “Eventually those default rates wil
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