# Private Credit: NDFI lending tightens, Apollo tries transparency, and HSBC gets pulled in!

Page: https://stenobird.com/podcast/the-banker-next-door-6597036/private-credit-ndfi-lending-tightens-apollo-tries-transparency-and-hsbc-gets-pulled-in
Text version: https://stenobird.com/podcast/the-banker-next-door-6597036/private-credit-ndfi-lending-tightens-apollo-tries-transparency-and-hsbc-gets-pulled-in.md
Podcast: [The Banker Next Door](https://stenobird.com/podcast/the-banker-next-door-6597036)
Published: 2026-05-12T16:00:00+00:00
Episode link: https://joeberq.podbean.com/e/private-credit-ndfi-lending-tightens-apollo-tries-transparency-and-hsbc-gets-pulled-in/
Audio file: https://mcdn.podbean.com/mf/web/y79g4ekc9j83a5xv/Private_Credit_NDFI_lending_tightens_Apollo_tries_transparency_and_HSBC_gets_pulled_in_694yt.mp3
Processing state: not_requested
JSON: https://stenobird.com/v1/public/podcasts/the-banker-next-door-6597036/episodes/private-credit-ndfi-lending-tightens-apollo-tries-transparency-and-hsbc-gets-pulled-in
Duration seconds: 1045

## Resource

Problems in the Private Credit Market continue to unfold as banks are now tightening lending standards around Nondepository Financial Institutions (NDFIs). As this is happening, Apollo Global Management is trying transparency by offering their investors daily valuations for their private-credit funds starting at the end of September. Most funds provide this information on a quarterly basis. Apollo is trying to calm down fears of larger credit issues within its funds. Meanwhile, HSBC is getting pulled into the Private Credit conversation through ‘back leverage’. When MFS failed in February (U.K. mortgage lender), investors were trying to figure out who was going to absorb the losses. Through a chain of special-purpose vehicles, HSBC turned out to be one of the most exposed banks and is now expected to take a $400 million dollar loss. HSBC made a loan to Apollo Global, which then lent the money to MFS. This episode examined two articles from The Wall Street Journal and one article from S&P Global Market Intelligence (subscriptions required).

## Actions

- request_transcript: `POST https://stenobird.com/v1/public/podcasts/the-banker-next-door-6597036/episodes/private-credit-ndfi-lending-tightens-apollo-tries-transparency-and-hsbc-gets-pulled-in/transcription-requests` — Idempotently request low-priority transcript generation for this episode.
- read_markdown: `GET https://stenobird.com/podcast/the-banker-next-door-6597036/private-credit-ndfi-lending-tightens-apollo-tries-transparency-and-hsbc-gets-pulled-in.md` — Read the agent-friendly Markdown representation of this episode resource.

A page view does not enqueue transcription. Agents should invoke `request_transcript` explicitly when they need this episode processed.

## Transcript

Full transcripts are not published on public pages unless there is a clear rights basis.