GoldenTree Asset Management’s Post

Name: GoldenTree Asset Management on LinkedIn: GoldenTree Asset Management Founder, Managing Partner and Chief Investment…
Uploaded: 2024-07-31T13:29:54.659Z
Channel: GoldenTree Asset Management

GoldenTree Asset Management

14,765 followers

1mo

GoldenTree Asset Management Founder, Managing Partner and Chief Investment Officer Steven Tananbaum, CFA recently joined Bloomberg’s “Open Interest” with hosts Sonali Basak, Katie Greifeld, and Matthew Miller. Steve shared his insights on recent investing trends and where GoldenTree sees opportunities in the credit markets. You can watch the full interview here: https://lnkd.in/dQVFG9tg

Transcript

And we're going to talk more about the credit markets now. Joining us to discuss major themes he finds and festival in this current environment is Steve Tannenbaum. He's founder, managing partner and CIO at Golden Tree Asset Management. Stevens, a veteran of credit markets with over 30 years of investing experience, knows a lot from the credit markets to equity markets. I do want to start here with you on a trade that's been pervading markets here. This idea that the banking system is going to face a ton more regulation, they have been saddled. With a prior, prior investments in credit that were made in a very low interest rate environment, now offloading those assets now, what does that look like from your side so? First, let's look at it from the bank side, which is if you can free up capital. So imagine if you took a loan of a dollar and the idea being that you could get the same regulatory capital. Even more if that loan was only if you had on your books at $0.80 and you were able to sell that $0.20 and you would get more regulatory capital than if you have the the on the dollar on your books. So that's the arbitrage that they get more capital frees up. Capital, the view from the regulator is, well, the bottom 20%, the bottom 15% is on is somebody else's risk. The the junior park, the most junior part. Now the why, what the buyer sees is the opportunity to get a very attractive return. And they're usually a pool of assets. So they're commingled together and, and what it compares to, probably the best comparison is structured products where you look at a index. Or a collection of credit card receivables, et cetera. And that's what our CEO depth, that's where it's compared to. And usually the risk equates to about a triple B for a double B and you get about 500 basis points more return than a comparable double B, triple B of credit card CEO's, etcetera. And yes, it's bespoke, but you're getting paid for the extra work.

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