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Dimitry Nakhla | Babylon Capital®
$NFLX $WBD $PKSY 😅😂 https://t.co/Sqz2xos3WQ
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$NFLX $WBD $PKSY 😅😂 https://t.co/Sqz2xos3WQ
Paramount is now reportedly looking to launch a hostile bid for Warner Bros
They feel their $30 a share all-cash offer is higher than what Netflix offered — in terms of cash, stock and the value of the cable business spinoff
(via @CGasparino) https://t.co/Vc3Yupvbkf tweet
Offshore
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memenodes
My ancestors who had to hunt and fight wild animals for food watching me have a panic attack while trading leverage https://t.co/ZVlBPrUWYi
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My ancestors who had to hunt and fight wild animals for food watching me have a panic attack while trading leverage https://t.co/ZVlBPrUWYi
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Quiver Quantitative
We published this report, when a Carvana bankruptcy looked imminent.
$CVNA has now risen 8,900% since then.
That's not a typo.
8,900% https://t.co/XnUsqNFN3D
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We published this report, when a Carvana bankruptcy looked imminent.
$CVNA has now risen 8,900% since then.
That's not a typo.
8,900% https://t.co/XnUsqNFN3D
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Offshore
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memenodes
if i ever hit the lottery i won't tell anybody but there will be signs https://t.co/1pqwh0lYIT
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if i ever hit the lottery i won't tell anybody but there will be signs https://t.co/1pqwh0lYIT
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memenodes
How I look every time my parents introduce me to another relative I’ve never met in my life https://t.co/o2UsMiYPJq
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How I look every time my parents introduce me to another relative I’ve never met in my life https://t.co/o2UsMiYPJq
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EndGame Macro
Too Much Money, Too Few Deals And The Spread Compression Problem
This is the price of private credit risk compressing. In 2022 into early 2023, private lenders were getting paid 600–650 basis points over the floating benchmark on a typical deal. Since then, both the average and the median spread have slid steadily, and by 2025 the median is under 500. Translation: borrowers are getting cheaper terms, and lenders are giving up margin to win deals.
Why this is happening
Private credit is crowded now. There’s a lot of fresh money that has to get deployed, and managers don’t get rewarded for sitting in cash and waiting for a perfect pitch. At the same time, more funding channels have reopened so banks inch back in, syndicated markets cooperate, sponsors can shop terms and whenever borrowers have options, spreads are the first thing to get competed away.
The other quiet driver is that all in yields can still look attractive even with thinner spreads if the base rate is doing a lot of the work. So lenders convince themselves they can live with less credit margin, especially if they can claw some return back through fees, structure, and call protection.
The uncomfortable part is this is what late cycle confidence looks like in pricing. The risk didn’t disappear. there’s just less cushion if growth softens or defaults turn back up.
tweet
Too Much Money, Too Few Deals And The Spread Compression Problem
This is the price of private credit risk compressing. In 2022 into early 2023, private lenders were getting paid 600–650 basis points over the floating benchmark on a typical deal. Since then, both the average and the median spread have slid steadily, and by 2025 the median is under 500. Translation: borrowers are getting cheaper terms, and lenders are giving up margin to win deals.
Why this is happening
Private credit is crowded now. There’s a lot of fresh money that has to get deployed, and managers don’t get rewarded for sitting in cash and waiting for a perfect pitch. At the same time, more funding channels have reopened so banks inch back in, syndicated markets cooperate, sponsors can shop terms and whenever borrowers have options, spreads are the first thing to get competed away.
The other quiet driver is that all in yields can still look attractive even with thinner spreads if the base rate is doing a lot of the work. So lenders convince themselves they can live with less credit margin, especially if they can claw some return back through fees, structure, and call protection.
The uncomfortable part is this is what late cycle confidence looks like in pricing. The risk didn’t disappear. there’s just less cushion if growth softens or defaults turn back up.
tweet