JPMorgan Chase, Barclays and other Wall Street banks have started trading products that would benefit if private credit funds run into trouble, as asset managers seek ways to bet on turmoil in the industry.
The banks began trading so-called credit default swaps against flagship private credit funds run by Blackstone, Apollo Global and Ares Management in recent days, according to people briefed on the matter.
CDS pay out in the event that these vehicles default on their debt, and can be used to bet on or hedge against strains in the industry. The new tools come amid growing demand from investors for novel strategies to express a view on the vehicles, including on funds that are not publicly traded.
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