Cover Story：John Zito, deputy chief investment officer of credit at Apollo Global Management. Photographer: Christopher Goodney/Bloomberg
译文
不久前，阿波罗全球管理公司（Apollo Global Management）同意收购瑞士信贷（Credit Suisse）的一个部门，该部门现在名为 Atlas SP，专注于发起贷款。在交易完成后的六个月内，该部门在3月份银行业崩溃期间，向 PacWest Bancorp 增加了融资。“我们在24小时内拿出了14亿美元，”最终负责该交易的约翰·齐托说。“我怀疑任何看起来像那样的东西，使得我们在这房间里（言下之意，为了这14亿美元而坐在一起商讨）。”
注意：
1.the March banking meltdown 今年3月银行崩溃
2.extended finnancing to PacWest Bancorp 增加了融资
3.We came up with $1.4B in 24 hours 我们24小时内拿出了14亿美元
阿波罗信贷副首席投资官 Zito 观点，认为资产支持贷款（句尾 in the world of asset-backed lending）存在一个“巨大的洞，等着我们填补的空白”，从房地产到音乐版税。他相信 Atlas 能帮上忙。对于阿波罗的广泛信贷业务，“我们将以每年700亿至1000亿美元的速度增长。我们的需求量非常大，”Zito 周三在接受彭博电视台采访时告诉
注意：
1.in the world of asset-backed lending 资产支持贷款方面
2.extends from ... to ... 涵盖从 …… 到 ……
我们最近在这里讨论了阿波罗是如何成为非银行之神的。随着银行系统即将面临更严格的监管，回想一下，就连摩根大通（JPMorgan Chase&Co.）的 Jamie Dimon 也表示，他预计私人信贷巨头将“在街上跳舞”。对此，齐托回应道，“我一直认为我们在和银行跳舞。”
注意：
1.私人信贷巨头 private credit giant 私人信贷巨头
这里说话者想表达，私人信贷客户必然满街都是，因此，阿波罗资产管理公司也有更多机会与银行交互。这里涉及部分专业知识，通常银行收到私人贷款作为资产，再次打包拆分，托管于资产管理公司。一方面减轻银行工作量；一方面提升资产回报率，通常资产管理公司的投资专业度高于银行。
也许银行和非银行之间的竞争开始缓和。尤其是当银行筹资开展其自己的信贷业务时，情况更是如此——慢慢地，他们意识到这是“活着”的唯一途径。
注意：
1.rivalry is starting to ease 竞争开始缓和
2.stay on the map 译者注，这里翻译成“活着”，主要考虑到同行竞争问题。这句话 literal meaning 是继续呆在斗争的地图上。
ARM 的意外之财
周四，Arm IPO 是自2021年以来规模最大的一次，各大银行在这场募股中搭了不少便车。四大承销商——巴克莱银行（Barclays Plc）、高盛集团（Goldman Sachs Group）股份有限公司、摩根大通（JPMorgan）和瑞穗金融集团（Mizuho Financial Group）股份有限公司——负责解冻新上市市场，该市场在2023年的大部分上涨的时间里几乎都处于冻结状态。
注意：
1.have a ride on 搭便车 文中使用的是 have a lot riding on 通常都是有名词不用动名词。然而，对于英语国家的人而言，都是具有想象力地使用他们的语言，这里可能强调这个便车还在进行。
2.underwriter 承销商
3.thawing 融化
日本银行业巨头瑞穗银行雄心勃勃仍在继续。投资和企业银行业务主管 Michal Katz 表示：“我们希望稳居投资银行业前十名。”。它已经是全球IPO的前十大账簿管理人，本周参与了Arm以外的大约六笔股权交易，并担任下周 Klaviyo 股份有限公司上市的承销商。
Katz 表示，“ARM的上市，为高质量发行人打开了IPO大门，这些公司已然发展出可持续、可盈利的商业模式，或者通向盈利的道路”。从瑞穗的角度来看，这笔交易“不是一蹴而就的成功。这是一夜之间，使得未来成功的岁月正在形成。”
注意：
1.knock open the IPO doors 打开IPO大门
2.文章“ARM的上市”是译者加上去的，这里语序不换比较好。因此主语没必要留在引号外。请读者体会。
3.文中 Katz 说的话，推荐读者对照原文理解。
下周一（2023.9.18）是Instacart IPO，周二是Klaviyo。这两项交易都由高盛及其股票资本市场主管David Ludwig牵头。对于几个月前刚刚被任命为高盛科技、媒体和电信投资银行集团全球负责人的 Kim Posnett 来说，这也是一个重要时刻。她在摩根士丹利的竞争对手经常在这类交易中处于领先地位，但他们错过了这一轮。
注意：
1.lead on these types of deals 经常在这些交易中处于领先地位
下周首次亮相的亮点包括 SoFi，首次作为 IPO 承销商，在Instacart的交易中占有一席之地。基于其散户投资者基础，SoFi 几年前就决定进行IPO，担任近十几次IPO的分配人，包括2021年上市的Rivian —— 这是我们最后一次看到如此大规模的技术交易。现作为一名承销商，而不仅仅是一名分配人，意味着SoFi已经准备好为新的交易提供资金，从而承担一些风险。这家金融科技公司的 CEO Anthony Noto 是一名前高盛银行家，他试图让 SoFi 成为华尔街巨头的孵化器。
注意：
1.upstart 自命不凡的人
2.given the base of ... 基于……
3.put up capital 提供资金。put up accomodation 提供食宿。
4.这里 allocator ，我理解为 IPO allocation。即认购新股的时候，有人承担如何公平地分配这些股数的职责。
最新新闻
Gilles Dellaert 被任命为黑石集团的新任信贷主管，以期在十年内积累1万亿美元的信贷资产。Dwight Scott 在换岗后成为该公司的董事长。
Lazard Peter Orszag 将于10月初接任首席执行官，他设定了到2030年将收入翻一番的目标，并表示，将任命任何能帮助他实现这一战略的领导人。
据《纽约时报》报道，Ray Dalio 在 Bridgewater 推动复出，距离其退休还不到一年，试图在 BridgeWater 内部成立一只基金，但该计划被董事会拒绝。
花旗集团在改革中发生了更多变化。花旗集团欧洲部门负责人 Kristine Braden 将离职，Manolo Falco 被任命为投资银行业务副主席，Dickson 成为该部门的唯一负责人。
在高盛，Ericka Leslie 被任命为全球银行和市场业务的首席运营官（COO），该部门是高盛最大的部门。另外，消息人士告诉彭博社，高盛因合规失误解雇了包括 Hari Moorthy 在内的销售交易部负责人。
债券人又来了：Bill Gross 炮轰 Jeffrey Gundlach ，Gundlack 回击。
注意：
1.amid the overhaul 在改革中
2.is tapped as 被任命为。委以重任，通常拍肩。
3.over compliance lapses 合规失误
4.sources told Bloomberg 消息人士告诉彭博
5.blast 炮轰
6.swing back 回击
瑞银首席执行官 Sergio Ermotti 表示，他致力于完成整合瑞士信贷（Credit Suisse）的工作，这意味着他将一直呆到2026年底。Sonali Basak，彭博电视台全球财经记者。
原文
It wasn’t long ago that Apollo Global Management agreed to buy a unit of Credit Suisse—now called Atlas SP—that focused on originating loans. Within six months of the deal, that unit extended financing to PacWest Bancorp during the March banking meltdown. “We came up with $1.4 billion in 24 hours,” said John Zito, who ultimately oversaw that deal. “I suspect that anything that looks like that, we’re in the room on.”
Zito, Apollo’s deputy chief investment officer of credit, thinks there’s a “huge hole, a white space to fill” in the world of asset-backed lending, which extends from properties to music royalties. He believes Atlas can help. For Apollo’s broad credit business, “We’ll be growing at somewhere between $70 and $100 billion a year. We have extreme amounts of demand,” Zito told me Wednesday in a Bloomberg Television interview.
We’ve talked here lately about how Apollo is becoming the god of the nonbanks. With the banking system about to face much stricter regulations, recall that even JPMorgan Chase & Co.’s Jamie Dimon said he expects that the private credit giants will be “dancing in the streets.” To which Zito responded, “I always think we’re dancing with the banks.”
Maybe the rivalries between the banks and nonbanks are starting to ease. That’s especially true as the banks raise money to start their own private credit businesses—realizing, slowly, that it’s the only way to stay on the map.
The big banks had a lot riding on Thursday’s initial public offering of Arm Holdings Plc, the largest since 2021. The top four underwriters—Barclays Plc, Goldman Sachs Group Inc., JPMorgan and Mizuho Financial Group Inc.—were responsible for thawing the market for new listings, which has been all but frozen for the better part of 2023.
Japanese banking giant Mizuho has big ambitions going forward. “We want to be solidly positioned in the top 10 of investment banking,” says Michal Katz, head of investment and corporate banking. It’s already a top 10 bookrunner on IPOs globally, worked on roughly a half-dozen equity deals beyond Arm this week, and is an underwriter on next week’s Klaviyo Inc. listing.
ARM's Windfall
Arm “knocked open the IPO doors for high-quality issuers that have developed a sustainable, profitable business model, or a path to profitability,” Katz says. The deal from Mizuho’s perspective “is not an overnight success. This is an overnight success years in the making.”
Monday comes the Instacart IPO, and Tuesday brings Klaviyo. Both deals are led by Goldman Sachs and its head of equity capital markets, David Ludwig. This is also a big moment for Kim Posnett, named just a few months ago as Goldman’s global head of the technology, media and telecommunications investment banking group. Her rivals at Morgan Stanley often lead on these types of deals, but they’re missing out this round.
Upstarts to watch in next week’s debuts include SoFi, which is an underwriter for the first time on an IPO, with its place on Instacart’s deal. It made a decision years ago to work on IPOs given its base of retail investors, serving as an allocator to almost a dozen IPOs including the Rivian listing in 2021—the last time we saw a technology deal so large. Being an underwriter now, as opposed to merely an allocator, means SoFi is ready to put up capital and therefore some risk for fresh deals. Anthony Noto, the fintech firm’s CEO, is an ex-Goldman banker trying to make SoFi into an incumbent of big Wall Street.
What's New?
Gilles Dellaert is tapped as the new credit boss at Blackstone in a bid to amass $1 trillion in credit assets within a decade. Dwight Scott becomes chairman of that business in a changing of the guard.
Lazard’s Peter Orszag, who takes over as CEO at the turn of October, is setting a goal to double revenue by 2030 and named the leaders who will help him pursue the strategy.
Ray Dalio pushes for a comeback at Bridgewater less than a year after retiring, seeking to start a fund within Bridgewater, but the plan was turned down by the board, according to the New York Times.
More changes at Citigroup amid the overhaul: Kristine Braden, the head of Citigroup Inc.’s Europe unit, is exiting, while Manolo Falco is named vice chairman of the investment banking business and Dickson becomes sole head of the unit.
Over at Goldman, Ericka Leslie is tapped as chief operating officer of the global banking and markets business, its largest division. Separately, Goldman fired transaction banking leaders including Hari Moorthy over compliance lapses, sources told Bloomberg.
The bond guys are at it again: Bill Gross blasts Jeffrey Gundlach, and Gundlach swings back.
UBS CEO Sergio Ermotti says he’s committed to finishing the job of integrating Credit Suisse, and that means staying on through the end of 2026. —Sonali Basak, Bloomberg Television’s global finance correspondent.
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