Episode 48: Disruption in Defensive Assets
IMAP Podcast Series - Independent Thought
Chapters
1:10
Overview of Fortlake's your investment philosophy and process
3:10
Financial markets have undergone a significant structural shift
6:35
Let's delve into private credit - liquidity risks, stress points
10:53
Fast Forward to today's situation
13:56
Lets focus on what CLOs are because CDOs are gone
IMAP Podcast Series - Independent Thought
Episode 48: Disruption in Defensive Assets
Jun 30, 2026
Episode 48
Lucie Bradley
Our host Emily Barlow of (Evidentia Group) is joined by Christian Baylis (Fortlake Asset Management) to discuss:
- How post-GFC regulations shifted risky lending from banks into private credit markets
- Private credit ratings lacking transparency, raising investment grade classification concerns
- Redemption queues in semi-liquid private credit structures
- Covenant-light lending surging from ~10% to nearly 90% of leveraged finance
- Australia's inflation rates
