Group 1 - The article highlights growing concerns that a buoyant market may be hiding signs of excess, leading to potential instability [1] - Sudden bankruptcies are causing unease among investors, indicating underlying vulnerabilities in the market [1] Group 2 - The current market conditions are characterized by high valuations and speculative behavior, raising alarms about sustainability [1] - Investors are increasingly cautious as they observe these bankruptcies, which may signal broader economic issues [1]

Lotfi Karoui, chief credit strategist at Goldman Sachs, and Sonali Pier, portfolio manager of multi-sector credit at PIMCO, talk about potential hotspots in the credit market after financial distress was revealed for such companies as Tricolor Holdings and First Brands. They talk to Bloomberg's Scarlet Fu on "Bloomberg Real Yield". ...

Morgan Stanley (NYSE:MS) FY Conference September 10, 2025 09:00 AM ET Company ParticipantsDan Simkowitz - Co-PresidentOperatorGreat. Welcome. Up next, very pleased to have Morgan Stanley. You can put up the first IRS question as we introduce our speaker, but very pleased to welcome back Dan Simkowitz. I think this is your third consecutive year, but for those that don't know, Dan's Co-President of Morgan Stanley, responsible for the Institutional Securities Group, serves on the firm's operating, management ...

Bitcoin Credit Market Overview - Bitcoin collateral adoption is currently at only 1% [1] - The Bitcoin credit market represents a multi-trillion dollar opportunity [1] - Build Asset Management views credit as the primary battlefront for Bitcoin adoption [1] Factors Influencing Bitcoin Lending - Investor views on Bitcoin (BTC) lending are a key consideration [1] - Cultural barriers within the traditional finance sector impact Bitcoin adoption [1] - Bitcoin liquidity and overall market maturity are crucial for growth [1] Growth and Adoption - Discussion of borrower types and potential growth paths for Bitcoin lending [1] - Exploration of sovereign adoption and hybrid lending models [1] - Analysis of generational trends and their impact on Bitcoin mortgages [1] Macroeconomic Considerations - Examination of rates, broader credit markets, and their relationship to Bitcoin [1] - Consideration of public company adoption, referencing Acacia Research [1]

Core Viewpoint - Volta Finance Limited reported a net performance of +2.48% for July 2025, contributing to a total net performance of +13.9% for the financial year from August 2024 to July 2025, outperforming US High Yield and Euro High Yield indices which returned +8.6% and +8.1% respectively [4][5][6]. Performance and Portfolio Activity - The company achieved a net performance of +2.48% in July, including a dividend payment of 15.5 cents per share [4]. - The financial year net performance from August 2024 to July 2025 stands at +13.9% [4]. - The US High Yield market returned +8.6% and Euro High Yield returned +8.1% during the same period [4]. - Economic indicators showed a mixed but generally positive outlook, with robust labor market conditions and strong corporate earnings, particularly in the technology sector [5][6]. - Inflationary pressures are evident, with the core Personal Consumption Expenditures (PCE) index rising 2.8% year-over-year [6]. - Volta's cash flow generation remained stable at €28 million equivalent in interest and coupons over the last six months, representing close to 21% of July's NAV on an annualized basis [8]. Market Conditions - July saw strong market performance driven by positive trade negotiations and resilient economic indicators, although caution remained due to ongoing tariff negotiations with China [5]. - Loan and CLO issuance remained active despite low M&A volumes, with US loan market indices recording a performance increase of +0.88% and European market indices increasing by +0.55% [7]. - Volta received early redemptions from CLO debts (approximately €5 million) and CLO equities (approximately €2 million equivalent) [8]. Portfolio Composition - As of the end of July 2025, Volta's NAV was €274.2 million, equating to €7.49 per share, an increase of 36 cents from July 2024 [10]. - CLO Equity tranches returned +5.2% while CLO Debt tranches returned +0.6% during the month [9]. - Cash stood at 17% at the end of July, providing the company with liquidity to capitalize on attractive entry points in the market [8].

DeFi & Credit Market Opportunity - Asia's 20 trillion USD credit market is inaccessible to DeFi, hindering yield-seeking investors [1] - Tokenizing APAC corporate credit offers easy and transparent on-chain access [1] - MuDigitalHQ aims to bridge high-quality Asian corporate debt to DeFi via a programmable RWA protocol [1] MuDigitalHQ & muBOND - $muBOND provides permissionless exposure to APAC credit with 24/7 mint/redeem functionality [2] - $muBOND features multiple risk-return tranches and full DeFi composability [2] - $muBOND is backed by a licensed Singapore-based fund manager [2]

Credit market bargain shoppers are having the hardest time finding deals in at least a generation https://t.co/djgJSOomOI ...

Performance Overview - In June 2025, Volta Finance achieved a net performance of +0.4%, bringing the cumulative performance from August 2024 to +11.2% [4] - The portfolio's CLO Debt and CLO Equity assets delivered positive returns amid a favorable credit market environment following previous volatility [4] Market Context - June saw a "risk on" environment with strong gains in U.S. equity markets and a significant weakening of the US Dollar, driven by easing trade tensions and moderating inflation [5] - The Federal Reserve maintained interest rates at 4.25%-4.50% during their June meeting, despite inflation nearing target levels [5] - In Europe, major indices ended the month flat, with the ECB cutting rates by 25 basis points and signaling a likely pause in future cuts as eurozone inflation returned to 2% [5] Credit Market Activity - Credit markets remained resilient, with the European High Yield index (Xover) settling at 283bps, down from 300bps, indicating a tight market [7] - US High Yield returned +1.9% for the month, while Euro Loans and US Loans returned +0.13% and +0.80%, respectively [7] Portfolio Composition - The median CCC assets exposure in CLO portfolios was stable at 4.5% in the US, slightly above the 4.1% exposure in European CLOs [8] - Loan maturity walls are transitioning towards 2030 and beyond, with significant refinancing deadlines in 2028 and 2031 in the US [8] Investment Activity - The month was active with CLO debt redemptions of €4.8 million, and the company replaced risk to maintain overall exposure [9] - Cash stood at 11% at the end of June, with cashflow generation slightly up at €28.3 million over the last six months, representing close to 21% of June's NAV on an annualized basis [9] Performance of Asset Classes - Volta's CLO Equity tranches returned +1.6%, while CLO Debt tranches returned +1.0% [10] - The EUR/USD exchange rate move to 1.18 impacted long dollar exposure performance by 0.4% [10] Net Asset Value - As of the end of June 2025, Volta's NAV was €273.0 million, equating to €7.46 per share [10]

Private credit inflows getting a boost and my next guest is seeing even more positive signs ahead for the credit market. Joining me now is Bruce Richards, CEO of Marathon Asset Management here at Post 9. Bruce, good to see you. Good to see you, Mike.Um, really the credit markets, I mean, measured however you want to measure them through this entire year, which has been noisy with the tariff scare and everything have really not buckled at all, right. I mean, spreads remain tight. Demand for credit product re ...