Musk Delivers on only 19% of His Public Claims
SpaceX's IPO valuation is bound to have a steep "Musk premium" embedded in it, but the @nytimes did some fascinating analysis on how often he delivers. They found of more than 600 claims, he achieved 19 percent of them. https://t.co/WZqtxRyV7V
SpaceX Targets AI, Lunar Economy, and Human Augmentation
SpaceX "Growth Strategies:" Develop orbital AI Compute at scale, manufacture AI chips at scale, establish a lunar economy, transport humans and cargo to the Moon and Mars, and develop human augmentation systems..."
SpaceX IPO Could Net Underwriters over $500 Million
In large deals like this one, underwriters typically generate fees of more than 1 percent of the offering size. So, in SpaceX's case, that could mean more than half a billion dollars in fees, with the lion's share going to...
SpaceX Set to Publicly Release Prospectus Next Week
Buckle up! Story w/ @MorganLBrennan below on SpaceX's plans to flip its prospectus public as soon as next week, according to people familiar with the matter. https://t.co/llAP1FfncK
Jane Fraser Discusses Citi’s Investor Day Highlights
Tune in to @cnbc for our interview with @Citi’s Jane Fraser, on the heels of the firm’s investor day 👇 https://t.co/eUwUXz7VAq
Credit Risk Hinges on Underwriting, Not Origination Source
Apollo CEO Marc Rowan on firm's 1Q call: "The notion that a loan is somehow riskier because it wasn't originated by a bank is not a coherent argument. Private credit is just credit. You underwrite it well and it performs....
Apollo CEO Predicts Disruptive Shift: Geopolitics, Inflation, Tech Overhaul
Apollo CEO Marc Rowan on 1Q call said he thinks that there's a "greater than average chance" of an "out of the box" event, which he attributes to: (1) a "total geopolitical reset" (2) "almost everything we're doing, whether intentional...
Dimon: Private Credit Mostly Stable, Winners Will Vary
Jamie Dimon on private credit: "The actual credit hasn't gotten that much worse. There are pockets where it has. And, you know, the credit spreads themselves haven't gotten much worse in general... "I just don't expect every player to be the...
Wells Fargo’s $36.2 B Private‑Credit Loan Portfolio Unveiled
Wells Fargo in its 1Q presentation, detailed more granularity of its private-credit exposure this morning: ➡️$36.2B of loans to private credit funds (out of $1T of loans) ➡️ 98% senior first lien loans ➡️23% to BDCs (private and public) ➡️17% software, 19%...
Private Markets Face $330B Debt Maturity Crunch by 2028
"A wall of debt maturities is looming for the private markets industry, with more than $330 billion of high yield, leveraged loan and business development company-linked software and technology debt coming due for repayment through 2028." https://t.co/tbaFKL3oym
Dimon: Private Credit Losses Rising, Yet Not Systemic Threat
Jamie Dimon on private credit (via his annual shareholder letter): Actual losses right not are already a little higher than they should be, relative to the environment. "By and large, private credit does not tend to have great transparency or rigorous...
US Banks' NDFI Exposure
U.S. banks' loan exposure to NDFIs has grown to $1.4 trillion or about 11% of total balances, according to Moody's. That growth has been led by lending to private credit, which rose 7.5% QoQ (as of Dec. 31). Moody's says...
Redeemers: Tiny Elite Hold 11.6% of ARES Shares
Interesting nugget in the $ARES ASIF letter, detailing who the redeemers were (11.6% of shares outstanding) ‘The majority of repurchase requests were made by a limited number of family offices and smaller institutions in select geographies who represent less than...
US Private Credit Defaults Slip to 5.4%
FITCH: U.S. private credit default rate declined to 5.4% for the trailing-12 months through February. This is down from the January peak of 5.8%.
Fees Persist on Unredeemed Private Credit Even After Gates Lift
Reminder that investors who requested redemptions from semi-liquid private-credit funds -- but couldn't get all of it back due to caps -- still pay fees on the unfulfilled portion. The fees don't stop just because the gates go up.