Apollo Partners With Major US Banks to Trade Private Credit

Apollo Global Management Inc. is working with JPMorgan Chase & Co., Goldman Sachs Group Inc. and three other banks to trade private credit, partnering with Wall Street’s largest firms to syndicate investment-grade debt on a broader scale.

The banks act as broker-dealers, sometimes buying debt originated by Apollo and putting it on their own balance sheets and at other times brokering and pricing sales to third parties, according to people familiar with the matter. Citigroup Inc. is one bank in discussions to work with Apollo on the trading, according to a person familiar with the talks.