Principal credits Macquarie’s latest engine
The big sport macquarie Earnings briefings are all about looking under the headlines and figuring out what new business has popped up out of nowhere since the last time.
At Friday’s half-year briefing, in which Macquarie reported net profit of A$2.305 billion – up 13% year-on-year, down 13% half-year – the star was the company’s credit portfolio. main financial branch.
Macquarie now has a core funding portfolio of A$18 billion, including over A$15 billion in credit, and more than A$3.6 billion was deployed in the first half thanks to the bank calls “targeted investments in credit markets and tailor-made financing solutions. ”.
It’s not exactly new, but it’s clearly an area of momentum. Macquarie says it completed “more than 30” credit transactions in the first half. Examples included supporting the acquisition of Pickles Auctions by Apax Partners and growing a Polish logistics portfolio called DL Invest.
The six months in question, to September 30, were by definition a busy time in credit markets, but that’s what Macquarie tends to do: find a niche opportunity where returns have become outsized, assess risk and if he likes numbers, pay in capital.