PRIV and PRIV Accessories: June 16th
My legs hurt but the show must go on!
Welcome to your weekly update on the SPDR® SSGA IG Public & Private Credit ETF (PRIV) and soon to be the SPDR® SSGA Short Duration IG Public & Private Credit ETF (TBD) too.
Thanks for reading!
This Week:
Short update all around this week. As of this morning, SSGA added another column in their daily holdings file that specifies whether the asset is Apollo-sourced or not. If it is sourced from Apollo (AOS) it further segments whether the asset is AOS Asset Backed Finance or AOS Corporate Finance. The AP assets are marked AOS Corporate Finance.
The only interesting piece is that this asset: AGL ENERGY LTD 7.91 12/08/2035 is also marked as AOS Corporate Finance.
I did a little more digging and it SEEMS (This is conjecture) that this was an Apollo funding piece of an Australian deal to spin off the coal assets of AGL Energy Limited to allow the remaining OldCo to focus on renewables.
https://www.marketscreener.com/quote/stock/APOLLO-GLOBAL-MANAGEMENT--131329862/news/Macquarie-Capital-Lines-Up-Investors-for-Demerged-Accel-Energy-40008839/
What’s weird about this?
That deal never happened. The company withdrew it’s shareholder proposal after it became obvious that the measure would fail to garner the 75% approval needed to move forward.
https://www.agl.com.au/about-agl/investors/structural-update
This failure caused a big shakeup in the board with the Chairman and a few other directors and non-executive directors departing.
Note this from that linked announcement:
“As previously disclosed, AGL’s estimated expenditure to date is approximately $160 million of the total $260 million estimated cost of the Demerger Proposal.”
We can also find this announcement:
https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02517517-2A1371818&v=04711220c3a57065317ba4efca4a3459a4e46882
This partnership with GIP (BlackRock basically) died soon after the merger did.
https://www.infrastructureinvestor.com/agl-energy-signals-early-coal-closures-as-gip-agreement-ends/
So I’m left wondering what the hell this 2035 bond deal is funding. I tasked Claude.ai with a few research prompts and it returned literally nothing with that maturity date.
What fun we have.
Also, I finished my triathlon in 1:41
NAV is love. NAV is life.
Here’s the NAV History file - Updated daily but has historical data.
No new shares.
Volumes:
6th busiest trading day happened on Friday. No idea why.
3rd busiest trading week since launch. No idea why.
Here’s the current full holdings as of 6/13/2025 - This file location updates daily so save a copy/copies.
Additions:
None
Deletions:
None
Issues, Marks and Meta
No data issues this week. Just the addition of a new column which forced me to spend an extra 20ish minutes fixing my model and weekly report sheets.
Marks:
I’m removing the currency correlation for now. The ratio is too low to be interesting but I may do some further digging if I have the time.
Other Stuff:
Go read these people:
Dave Nadig : Nadig.com
Tony Dong : Linkedin
Jeff Ptak : Substack | Morningstar
Tematica Signals : Substack
Phil Bak : Substack
CovenantLite : Substack
Brent Sullivan : Substack
Leyla Kunimoto : Substack
also anyone I subscribe to on Substack. I actually do read them!
Thanks for reading.
If you want to chat about PRIV/other topics or hire me, please reach out to cmacwilliams@outerbeachc.com, connect with me on LinkedIn, or shoot me a note on Signal at @ ConorMac. 76.
Disclosure: I own one share of PRIV, none of this is investment advice and is presented solely for educational purposes.
Nav is life. Snort. Wild times as always.