George Hicks
Showing 1–3 of 3 transcripts.
- Milken Institute59 min
Credit Trends: Back From the Brink?
Staci Warden, Joshua S. Friedman, George Hicks, Rishi Kapoor
The discussion analyzes how pre-2020 structural mismatches in capital structures and weakened bank intermediation exacerbated the immediate sectoral divergence caused by the pandemic, particularly distressing retail and hospitality while supporting industrial real estate. Federal Reserve liquidity successfully stabilized markets but could not resolve underlying solvency issues, leading to a confirmed recession with default rates projected to exceed 10% and a recovery path hindered by the impending sunset of fiscal support. Consequently, the dialogue forecasts a shift toward stricter regulatory documentation, reduced reliance on central bank interventions, and new investment strategies focused on distressed restructurings and e-commerce infrastructure.
- Milken Institute1h 3m
Credit Market Outlook
Michael Milken, Mark Attanasio, George Hicks, Sir Michael Hintze, Joseph Naggar, Jim Zelter
Leading credit investors including representatives from Apollo Management, GoldenTree, and CQS convened to analyze market inefficiencies driven by passive capital flows and the proliferation of covenant-light debt. These firms highlighted specific strategies ranging from Crescent Capital's $4.6 billion mezzanine fund and Apollo's Westinghouse restructuring to GoldenTree's deep-value trust preferred trades, all designed to capitalize on global yield scarcity and emerging market distortions. The panelists collectively emphasized a defensive posture against rising interest rates through floating-rate dominance while stressing that deep fundamental analysis remains the primary source of excess returns in a shifting macroeconomic landscape.
- Milken Institute1h 3m
Credit Market Outlook
Michael Milken, Mark Attanasio, George Hicks, Sir Michael Hintze, Joseph Naggar, Jim Zelter
Leading credit managers from Apollo, Crescent Capital Group, and GoldenTree warned that the global credit cycle is maturing and prone to a correction in 2018 due to excessive private equity leverage and a market overexposed to passive investment vehicles. To navigate an environment characterized by covenant-lite structures and rising interest rates, these panelists advocate for active management strategies focused on strict underwriting, floating-rate instruments, and distressed opportunities in Europe and emerging markets. By prioritizing complex origination and deep fundamental analysis over index-driven approaches, active managers aim to identify value in mispriced assets while mitigating the risks of an imminent market downturn.