Market Chatter: Blackstone CEO Schwarzman Plays Down Market Concerns Over Private Credit's Role in Auto Sector Bankruptcies

MT Newswires Live12-09

Blackstone (BX) chief executive officer Stephen Schwarzman downplayed market concerns that private credit was to blame for recent bankruptcies in the autos sector, Reuters reported Tuesday.

The bankruptcies in October were bank-led transactions and "private credit was sort of not in the room," the report quoted Schwarzman as saying in a video presentation during Abu Dhabi Finance Week.

He said leverage at banks is "at least 10 to 1" compared with 1.4 times for private credit, noting that private credit is comparatively "more conservative" for the financial system, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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