In a new episode of The View from Apollo podcast, Apollo Chief Economist Torsten Slok speaks with Randy Anderson, a partner in the Real Assets Group at Apollo, about how elevated interest rates and other factors have affected valuations across the four real estate quadrants of public equity and debt, and private equity and debt. Randy also takes a closer look at important issues in office and other sectors, and discusses his views on where relative value lies in today’s environment.
Listen to the episode on Spotify
The View from Apollo features conversations with thought leaders across Apollo and portfolio companies of funds managed by Apollo, each bringing their unique perspectives on current macroeconomic trends, the impact to various businesses, and what it can mean for investors.
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Market Insight | View from Apollo
May 24, 2024
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Market Insight | View from Apollo
May 24, 2024
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The buoyant demand for corporate debt that propped up primary markets this year came alongside pockets of distress in the riskier parts of the market. We expect this divergence to persist through 2024. In this outlook, we’ll explore the bifurcation in the market, investment themes—from AI to elections—in opportunistic credit, the vanishing liquidity premium in investment grade debt, and the relative value of BDC’s unsecured debt.
While the Fed’s rate hikes have reigned in growth, especially among over-levered consumers, corporates, and banks, the easing of financial conditions since the “Fed pivot” in December continues to offset the effect of higher rates. For the rest of 2024, we expect economic growth to be higher than consensus and inflation to stay above the Fed’s target. We see no Fed cuts in 2024.
The debate about the competition between private and public credit markets continues as headlines regularly attempt to site challenges emerging in private credit, particularly as retail clients gain access. This Q&A addresses this issue along with other key themes to consider when evaluating investment opportunities.
