CoreWeave (NasdaqGS:CRWV) 2025 Conference December 02, 2025 04:50 PM ET Company ParticipantsPaul Yim - VP of Corporate DevelopmentConference Call ParticipantsAna Goshko - Research AnalystAna GoshkoWelcome, everyone, and welcome to Bank of America's 2025 Leveraged Finance Conference. I'm Ana Goshko on the credit side. I'm the research analyst covering technology and telecom, and we're thrilled to have CoreWeave with us today, and we have Paul Yim, the company's vice president for credit and capital markets, ...

Core Insights - Option Care Health is the leading home and alternate site infusion provider in the United States, operating over 90 full-service pharmacies and covering 96% of the population [3]. Group 1: Business Overview - The company infuses patients both in their homes and in over 700 alternate site suites, providing a full network of therapies for both acute and chronic conditions [3]. - Despite disruptions in 2024 due to events like hurricanes and supply chain shortages, the company has made significant progress and is optimistic about its performance [2]. Group 2: Market Position - Option Care Health's mission is to serve healthcare needs effectively, positioning itself as a critical player in the infusion services market [3].

Financial Activities - Genmab 完成了自四月以来美国杠杆融资市场最大规模的收购融资，总额达 45 亿美元 [1] - 融资方式包括垃圾债券和杠杆贷款 [1]

Market Monitoring - The Bank of England is "closely monitoring" standards in leveraged finance markets [1] - The Bank of England is watching out for signs of forced selling by investors [1] Risk Assessment - Monitoring is occurring after the high-profile collapse of two US companies [1]

Investment Rating - The report does not explicitly provide an investment rating for the industry but discusses various credit spreads and return forecasts for different segments, indicating a cautious outlook on high-yield (HY) and leveraged loans while favoring investment-grade (IG) credit [5][61][72]. Core Insights - The report emphasizes a yield-driven market for global investment-grade credit, with expectations for spreads to remain stable or widen modestly in high-yield and leveraged loan segments due to slower global growth and sticky inflation [5][61][72]. - It highlights the divergence in economic forecasts, with the US and Euro Area experiencing low growth and inflation pressures, while Asia is expected to face wider spreads due to trade risks and high valuations [9][10][81]. - The report suggests a preference for quality over cyclicality in credit investments, indicating that investors may be better compensated for taking duration risk rather than cyclical risk in the current environment [30][32][39]. Summary by Sections Global Credit Outlook - Global investment-grade credit remains attractive due to good yields, with a preference for 5-10 year maturities in the US and 15 years or more in Europe [5][61]. - High-yield spreads are expected to widen modestly, reflecting slower growth and increasing default rates, with a forecast of 3.5% for high-yield defaults [61][72]. Macro Economic Forecasts - The report forecasts US GDP growth at 1.0% for 2025, with core inflation at 3.3%, and no Federal Reserve rate cuts expected this year [10][11]. - Euro Area growth is projected at 0.8% with core inflation at 2.2%, while China is expected to grow at 4.0% with minimal inflation [10]. Sector-Specific Insights - In the US, investment-grade credit is expected to see excess returns of 2.1%, while high-yield is forecasted at 3.6% [61]. - European investment-grade credit is projected to have a total return of 2.0% in the base case, with high-yield expected to yield 4.9% [72]. Asia Credit Outlook - Asia's investment-grade spreads are anticipated to widen to 100 basis points, reflecting concerns over weaker growth and tariff uncertainties [81][83]. - The report indicates a preference for non-China investment-grade credit due to expected tariff impacts on China [84][85].