{"id":672351,"date":"2025-09-23T00:00:00","date_gmt":"2025-09-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/23\/tight-corporate-bond-spreads-are-fueling-a-rush-into-private-debt-blackstone-says\/"},"modified":"2025-09-23T00:00:00","modified_gmt":"2025-09-23T00:00:00","slug":"tight-corporate-bond-spreads-are-fueling-a-rush-into-private-debt-blackstone-says","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/09\/23\/tight-corporate-bond-spreads-are-fueling-a-rush-into-private-debt-blackstone-says\/","title":{"rendered":"Tight corporate bond spreads are fueling a rush into private debt, Blackstone says"},"content":{"rendered":"

Razor-thin corporate bond spreads are accelerating the migration into <\/strong>private <\/strong>debt<\/strong>, Michael Zawadzki, chief investment officer of Blackstone\u2019s credit and ins. group, told Bloomberg<\/a> (listen, runtime: 44:01<\/a>) on a podcast. With high-grade spreads over Treasuries also dipping to their narrowest since the late 1990s, investors are shifting to private markets that can still deliver 150-200 bps more than traded debt.<\/p>\n

Private markets have been front and center in recent months. <\/strong>Wealthy individuals poured USD 48 bn<\/a> into US private credit funds in 1H 2025 \u2014 on track to beat last year\u2019s total \u2014 as institutions pulled back. BlackRock also flagged infrastructure and private credit among the few areas still offering attractive returns as traditional anchors weaken in its latest outlook<\/a>.<\/p>\n

Blackstone\u2019s take:<\/strong> \u201cWe see excess spread in private credit. That\u2019s a really attractive thing for our clients around the world,\u201d Zawadzki said. He expects sovereign wealth funds, pensions, and Asia-based insurers \u2014 where allocations remain around 5% \u2014 to drive flesh inflows.<\/p>\n

T<\/strong>he private credit market could swell to USD 30 tn<\/strong>, up from about USD 2 tn today, Blackstone predicts, with much of the growth in asset-based finance and private investment-grade lending. Data center buildouts for AI are also a key driver, with JPMorgan estimating some USD 150 bn of permanent financing will be required for US facilities in 2026-27. A revival in M&A is also seen as a near-term catalyst for new lending.<\/p>\n

Not everyone is convinced. <\/strong>DoubleLine\u2019s Jeffrey Gundlach has warned of \u201coverinvestment,\u201d arguing private credit has thrived in a strong economy and will be tested in a downturn. Zawadzki countered that defaults across Blackstone\u2019s 2k non-investment grade borrowers remain below 50 basis points, pointing to solid fundamentals.<\/p>\n

\n

MARKETS THIS MORNING- <\/p>\n

Asian markets are mostly in the green<\/strong>, tracking Wall Street gains on news of Nvidia\u2019s USD 100 bn investment in OpenAI. The only outlier is Hong Kong\u2019s Hang Seng, which is down 0.3%. Japan\u2019s markets are closed for a holiday. Over on Wall Street, futures slid marginally after the three indices closed at all-time highs yesterday. <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30<\/strong> <\/p>\n<\/td>\n

\n

35,211<\/p>\n<\/td>\n

\n

-0.1% (YTD: +18.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 48.14<\/p>\n<\/td>\n

\n

Sell 48.28<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CIB<\/strong>) <\/strong><\/p>\n<\/td>\n

\n

Buy 48.16<\/p>\n<\/td>\n

\n

Sell 48.26<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates (CBE)<\/strong><\/p>\n<\/td>\n

\n

22.00% deposit<\/p>\n<\/td>\n

\n

23.00% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong> <\/p>\n<\/td>\n

\n

10,876<\/p>\n<\/td>\n

\n

+0.6% (YTD: -9.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong> <\/p>\n<\/td>\n

\n

10,137<\/p>\n<\/td>\n

\n

+0.1% (YTD: +7.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong> <\/p>\n<\/td>\n

\n

6,027<\/p>\n<\/td>\n

\n

+0.1% (YTD: +16.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong> <\/p>\n<\/td>\n

\n

6,694<\/p>\n<\/td>\n

\n

+0.4% (YTD: +13.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong> <\/p>\n<\/td>\n

\n

9,227<\/p>\n<\/td>\n

\n

+0.1% (YTD: +12.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong> <\/p>\n<\/td>\n

\n

5,442<\/p>\n<\/td>\n

\n

-0.3% (YTD: +11.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong> <\/p>\n<\/td>\n

\n

USD 66.57<\/p>\n<\/td>\n

\n

-0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas (Nymex)<\/strong><\/p>\n<\/td>\n

\n

USD 2.80<\/p>\n<\/td>\n

\n

-0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold <\/strong><\/p>\n<\/td>\n

\n

USD 3,782<\/p>\n<\/td>\n

\n

+0.2%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong> <\/p>\n<\/td>\n

\n

USD 112,708<\/p>\n<\/td>\n

\n

-2.2% (YTD: +20.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P Egypt Sovereign Bond Index<\/strong><\/p>\n<\/td>\n

\n

922.60<\/p>\n<\/td>\n

\n

+0.1% (YTD: +18.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P MENA Bond & Sukuk<\/strong><\/p>\n<\/td>\n

\n

150.45<\/p>\n<\/td>\n

\n

-0.1% (YTD: +7.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

VIX (Volatility Index)<\/strong><\/p>\n<\/td>\n

\n

16.10<\/p>\n<\/td>\n

\n

+4.2% (YTD: -7.2%)<\/p>\n<\/td>\n<\/tr>\n<\/table>\n<\/div>\n

\n

THE CLOSING BELL-<\/p>\n

The EGX30 fell 0.1% at yesterday\u2019s close<\/strong> on turnover of EGP 3.6 bn (17.9% below the 90-day average). International investors were the sole net sellers. The index is up 18.4% YTD.<\/p>\n

In the green: <\/strong>Eastern Company (+3.1%), Ibnsina Pharma (+2.6%) and Raya Holding (+2.1%).<\/p>\n

In the red: <\/strong>Mopco (-1.9%), Orascom Construction (-1.6%), and Egypt Aluminum (-1.4%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The firm expects sovereign funds, pensions, and Asia insurers to drive new inflows<\/p>\n","protected":false},"author":1,"featured_media":672352,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[7106,72,119,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-672351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-debt","tag-enterpriseam","tag-financial-markets","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"89603da7-24cf-4546-9099-6fc3fee77a8e","order":"13","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2025\/9\/1335.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Blackstone sees private credit swelling to USD 30 tn as investors chase yield","related_issue":[672329],"teaser":"The firm expects sovereign funds, pensions, and Asia insurers to drive new inflows","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/9\/.0ab2fe09-6c19-4567-8a52-08d9f4278c57.mp3"},"yoast_head":"\nTight corporate bond spreads are fueling a rush into private debt, Blackstone says - 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