
Tariff Drama Pushes Wall Street Into Arms of Private Credit
If you're not already on our list, sign up here. Have feedback? Email us at goingprivate@bloomberg.net
Leveraged finance bankers came into the year riding high on a promise of an M&A deluge (and the bonuses that come with it.) But this month's tariff drama has left them with something of a 2022 redux.

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


CNBC
11 minutes ago
- CNBC
China warns companies against using Nvidia and AMD chips, report says
China has told companies to refrain from using Nvidia's H20 chips after the chipmaker recently received approval to resume shipping the less advanced artificial intelligence product, Bloomberg reported, citing sources familiar with the matter. Authorities have recently told companies to avoid using the Nvidia chips, or those from Advanced Micro Devices, for government and national security use cases, according to the news outlet. The report comes after the White House confirmed on Monday that both Nvidia and AMD have agreed to give 15% of all China revenues to the U.S. government. Last month, both companies said they would soon resume China shipments after the administration started requiring export licenses earlier this year. Both Nvidia's H20 chip and AMD's MI380 were created to work around previous AI chip restrictions to China due to national security fears. Shares of both stocks teetered on Tuesday. During a press conference Monday, Trump called Nvidia's H20 chip "obsolete" and said he wouldn't allow the higher-end Blackwell shipments there without 30% to 50% decrease in performance. China is a key market for AI chipmakers such as Nvidia and AMD. Earlier this year, Nvidia CEO Jensen Huang said getting pushed out of the China market would be a "tremendous loss" for the company. He estimated the country's AI market will hit $50 billion over the next two to three years. Over the weekend, a social media account connected to Chinese state media said that the H20 chips were not "safe." Read the full story here.

Business Insider
11 minutes ago
- Business Insider
Kenya plans $4 billion extension of China-built railway, eyes Etihad Rail partnership
Kenya plans to raise $4 billion by securitising an import levy to extend a China-built railway and is in talks with Etihad Rail to operate freight services on the line, Transport Secretary Davis Chirchir said. Kenya plans to raise $4 billion by securitizing an import levy to fund the Standard Gauge Railway (SGR) extension to Kisumu and Malaba. The SGR, completed in 2019 for $5 billion, is Kenya's largest infrastructure initiative, connecting Mombasa to Naivasha through Nairobi. The extended rail project aims to link South Sudan, Ethiopia, and the Democratic Republic of the Congo for freight operation viability. Kenya plans to raise $4 billion by securitising an import levy to extend a China-built railway and is in talks with Etihad Rail to operate freight services on the line, Transport Secretary Davis Chirchir said. The government will use revenue from its railway development levy, a 2% tariff on imports that generates about 50 billion shillings ($387 million) annually, to finance the Standard Gauge Railway (SGR) extension from Naivasha to Kisumu and Malaba on the Ugandan border, Bloomberg reported. The $5 billion SGR, completed in 2019, connects Mombasa port to Naivasha through Nairobi and remains Kenya's largest infrastructure project since independence. Under the expansion plan, Kenya Railways Corp. will retain responsibility for engineering and maintenance, while private operators will run services. The government aims to extend the network into South Sudan, Ethiopia, and the Democratic Republic of the Congo to make freight operations more commercially viable. Etihad Rail, which requires freight volumes of at least 17 million tons annually to justify an investment, is exploring options including transporting about 3 million tons of crude oil each year from Kenya's northern oilfields. $2 billion airport upgrade back on track In a parallel push, Kenya has invited international development lenders to help finance a $2 billion expansion of Nairobi's Jomo Kenyatta International Airport (JKIA), just nine months after cancelling a deal with India's Adani Group following the indictment of its founder in the United States. The government has approached lenders, including China Export-Import Bank, Japan International Cooperation Agency, Germany's KfW, the European Investment Bank, and the African Development Bank, to finance a new terminal and runway refurbishment. Construction could start before year-end. Facing rising public debt and seeking alternative infrastructure financing options, the East African nation will also issue a securitised bond worth 175 billion shillings ($1.36 billion) next month for road construction, Transport Minister Davis Chirchir said.


Bloomberg
an hour ago
- Bloomberg
September Fed Rate Cut Not a Done Deal, Claudia Sahm Says
Claudia Sahm, New Century Advisors chief economist and a Bloomberg Opinion columnist, says a Fed rate cut in September is likely but not "in the bag yet." She speaks on "Bloomberg Open Interest." Sahm's opinions are her own. (Source: Bloomberg)