The Credit Edge by Bloomberg Intelligence
Janus Is Skeptical of Private Credit’s Push Into ETFs
Apr 3, 2025
John Kerschner, Head of U.S. Securitized Products at Janus Henderson, shares insights on private credit's entry into ETFs. He argues that retail investors may not be ready due to concerns over liquidity and real economic challenges. The conversation dives into the evolving economy, touching on recession risks and the consumer influence on growth. Kerschner also discusses the dynamics of collateralized loan obligations, emphasizing their performance during the pandemic and cautioning about the distinct risks associated with private credit investments.
45:45
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Quick takeaways
- Janus Henderson's skepticism about private credit ETFs highlights concerns over liquidity and lack of historical testing during credit dislocations.
- The podcast discusses the uneven consumer spending trends driven by affluent households, impacting economic resilience amid recession fears and inflation.
Deep dives
Current Economic Landscape and Credit Markets
The discussion highlights the ongoing concerns regarding the U.S. economy, specifically focusing on the impact of recession fears and erratic policymaking. Despite these fears, current credit spreads remain tight, suggesting a resilient market. The analysis indicates that bond and loan markets appear to be pricing in low chances of impending recession, even as consumer and business confidence wanes. Overall, there is hope for economic recovery and stability, driven by expectations of intervention from the administration to support the economy.
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