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The Insight by Oaktree Capital
Conversations: Looking Beyond the Headlines with Robert O’Leary, Steve Tesoriere, Kenya Williams, and Nicole Adrien
Oct 10, 2024
Join Robert O’Leary, Steve Tesoriere, Kenya Williams, and Nicole Adrien for a deep dive into the credit cycle and real estate trends. Steve, a Co-Portfolio Manager, shares insights on liability management and distressed debt strategies, while Kenya discusses emerging opportunities in commercial real estate amidst rising interest rates. The team analyzes the impact of demographic shifts on investment decisions, particularly in medical office buildings, and explores the complexities of managing private credit markets and defaults.
38:45
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Quick takeaways
- The unprecedented growth of low-rated debt highlights significant vulnerabilities in the credit market, influenced by macroeconomic stresses and regulatory changes.
- Investment opportunities in medical office buildings arise from demographic shifts, particularly the aging population and the transition to outpatient care.
Deep dives
The Growth of Low-Rated Debt
The substantial growth of low-rated debt since the global financial crisis is examined, revealing that outstanding high-yield bonds, leveraged loans, private credit, and triple B-rated debt have quadrupled to over $13 trillion. This rise is attributed to unprecedented cheap money policies and the proliferation of alternative investment vehicles seeking higher yields. The rapid expansion in these segments far exceeded the growth of global developed economies, leading to concerns about an impending blow-off event. The importance of understanding these trends assists investors in navigating the current credit cycle effectively.
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