Latest news with #CorporateCredit
Yahoo
06-08-2025
- Business
- Yahoo
Corporate Credit Markets Are Flashing Signs of Complacency, UBS Says
(Bloomberg) -- Corporate credit markets in the US are exhibiting greater signs of complacency than the stock market by one key measure, as debt valuations approach multidecade highs, according to UBS. PATH Train Service Resumes After Fire at Jersey City Station Mayor Asked to Explain $1.4 Billion of Wasted Johannesburg Funds Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole Seeking Relief From Heat and Smog, Cities Follow the Wind Invest in Gold American Hartford Gold: #1 Precious Metals Dealer in the Nation Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase Thor Metals Group: Best Overall Gold IRA Risk premiums in the US high-yield market — which measure the extra yield investors demand to hold that debt instead of Treasuries — are hovering less than half a percentage point above their 10-year low. By the bank's calculations, investors in those bonds are suggesting global economic growth of more than 5% this year, which is higher than what most other markets imply, UBS strategists, including Matthew Mish, wrote Monday. The bank is forecasting the global economy will grow 2.7% in 2025, while the stock market is implying growth of 4.5%. Foreign exchange, rates and commodities markets all suggest less growth than US high-yield. 'Credit complacency is a dominant theme across our investor meetings,' Mish wrote, referring to US and European markets. 'Both markets display a mix of optimism and underlying risks that could lead to potential vulnerabilities, but the US looks more complacent.' The growth measure is the latest sign that credit markets — which have boasted ultra-high valuations for much of this year — are failing to price in the risks of a downturn. Just last week, investment-grade spreads hit their narrowest levels since December before climbing the most since early April on the heels of a weak payrolls report and new tariff rates. While US credit markets have historically proven resilient to labor market hiccups, more recent examples show spreads can widen by as much as 20 basis points in high grade and 75 basis points in high yield, according to Mish. Add elevated inflation and risk premiums could jump by even more, he said. At the same time he noted, credit fund managers are overseeing portfolios with higher-than-average 'beta,' suggesting some may be adding risk in search of excess returns, which have been below average so far this year. AI Flight Pricing Can Push Travelers to the Limit of Their Ability to Pay Russia's Secret War and the Plot to Kill a German CEO Government Steps Up Campaign Against Business School Diversity What Happens to AI Startups When Their Founders Jump Ship for Big Tech How Podcast-Obsessed Tech Investors Made a New Media Industry ©2025 Bloomberg L.P.
Business Wire
13-05-2025
- Business
- Business Wire
Fortress Appoints Giovanni Luna as Head of Origination, Europe, and Niccolò Biancheri as Head of Corporate Credit, Europe
LONDON--(BUSINESS WIRE)--Fortress Investment Group today announces that Giovanni Luna has joined the organization as Managing Director, Head of Origination, Europe, and the appointment of Niccolò Biancheri as Head of Corporate Credit, Europe. Mr. Luna and Mr. Biancheri will both be based in London. 'We are excited to have Giovanni join the Fortress team,' said Francesco Colasanti, Head of Europe and Co-Head of Non-Performing Loans. 'Giovanni brings a wide and established network of relationships and strong experience in sourcing, structuring and executing complex deals. He will play a key role in growing our business across all of our investment strategies, including by working closely with Nicco in his new role.' Brian Stewart, Global Co-Head of Corporate Credit, added, 'Nicco has been an important part of our team for almost nine years, and we're delighted to appoint him to this expanded role as we look to grow our franchise across Europe. Nicco will work with colleagues across our franchise, including Giovanni in his new role, to extend our relationships with corporate and sponsor counterparties.' Mr. Luna has approximately 25 years of experience in the finance industry and for the past 10 years has been at King Street Capital Management, most recently as Head of Capital Markets in Europe, where he originated transactions across a variety of asset classes, including corporate credit, real estate, direct lending and illiquid receivables. He started his career in investment banking covering European financial institutions in roles at Citi and Morgan Stanley. As a senior member of Fortress's global origination team, Mr. Luna will work across asset classes with a focus on opportunities in legal assets, non-performing loans, illiquid corporate financings, and real estate. His appointment is the latest in a series of hires made by Fortress to grow its Origination team. In February 2025, Fortress announced the expansion of its non-sponsor private lending team with the appointment of Eric Hartman and Bill Tefft as Directors in Private Credit Origination. Mr. Biancheri joined Fortress in 2016 in the Corporate Credit business and was most recently Deputy Head of Corporate Credit, Europe. He previously held roles as a desk analyst in the distressed credit products group at Deutsche Bank, and in leveraged finance origination and securitised products at Societe Generale. In Europe, Fortress's investing strategies span corporate and asset-based credit, real estate debt and equity, non-performing loans, private equity, net lease, legal assets and intellectual property. Fortress Investment Group LLC is a leading, highly diversified global investment manager. Founded in 1998, Fortress manages $50 billion of assets under management as of 31 December 2024, on behalf of approximately 2,000 institutional clients and private investors worldwide across a range of credit and real estate, private equity and permanent capital investment strategies. AUM refers to assets Fortress manages, including capital that Fortress has the right to call from investors, or investors are otherwise required to contribute, pursuant to their capital commitments to various funds or managed accounts. For more information, please visit
