Bond King Talks Trash About Private Credit
DoubleLine’s Jeffrey Gundlach says the sector is riddled with overpriced assets
Trash piles up at a garbage collection site in Philadelphia.
Photographer: Matt Slocum/AP PhotoWelcome to Going Private, I’m Sinead Cruise and this is Bloomberg’s twice-weekly newsletter about private markets and the forces moving capital away from the public eye. Today, we explore why a retired Pittsburgh steelworker doesn’t want Athene in charge of his annuity, the rise of ‘bad’ PIK debt among European companies and Blue Owl’s decision to call off a merger of two of its funds. But first, we look at one investor’s take on the parlous state of financial assets. If you’re not already on our list, sign up here. Have feedback? Email us at goingprivate@bloomberg.net
Jeffrey Gundlach says that the next big financial crisis will be triggered by private credit as “garbage lending” renders many assets too toxic to touch.