More 'Naked Swimmers' Will Continue To Emerge As The Tide Recedes

Impact · against what's priced in

The reports of record default rates and redemption gates at Apollo and Blackstone signal a material deterioration in the private credit landscape. These liquidity freezes suggest systemic risks that could trigger significant downward revisions for both firms' valuations.

BX−0.80

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In context

The implementation of redemption gates and record default rates indicates a liquidity crisis within Blackstone's private credit funds.

Read from the article alone

• APO
• BX
• bond yields
• default rates
• energy prices
• private credit
• redemption gates
• systemic risk

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