Apollo collaborates with major American banks to trade private credit

Alternative asset management giant Apollo Global Management Inc. is collaborating with JP Morgan, Goldman Sachs, and three other banks to trade private credit, and is working with some of Wall Street's largest firms to issue investment-grade bonds on a larger scale. According to informed sources, these banks act as broker-dealers, sometimes purchasing bonds issued by Apollo and accounting for them on their own balance sheets, while at other times providing brokerage and pricing services for third parties. Citigroup is one of the banks currently in talks with Apollo for transaction cooperation. The additional liquidity will enable Apollo to issue larger loans at a faster pace and support its efforts to reach individual clients. Individual clients typically require more frequent redemptions than institutional clients. (Bloomberg)