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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FINANCIALS
Partners Group 4Q23 results due 19-Mar – not directly in our scope but news from private capital industry is always going to be interesting to credit market participants.
- Partners has no EUR credit outstanding so our interest here is tangential: the business is one of the largest private capital managers globally and our view is that, after the magnitude of rate rises, if there is going to be a stress event, private credit could be good place to start the search.
- However, recent performance has been strong – HY spreads have broadly tightened YTD and equity values of this manager, and several of the peers, have outperformed the SXXP index. Only Blackstone has failed to do over the last 6 months (see graphic).
- With expectations continuing to be for broad rate cuts (Japan excepted) this year, it could well be a positive backdrop for these managers as cost of capital drops away again. Either way, news on stress points (CRE and Germany and US, for example, where Partners has hired a new head of European real estate) could be interesting, alongside anything to indicate the contrary.
The AuM update on 11-Jan was broadly positive. Results are due 0600 (London time) with conf call at 0800 on: https://event.eu.on24.com/wcc/r/8000061925/8978D784AE08B28F3957BF2BCD83AA5C
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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