Ep.150 | RBC and BMO Just Sold Moneris to US Private Equity. Should Canadians Be Worried?

Neal and Ryan hit a big milestone with Episode 150, and they're marking it with one of their most globally minded conversations yet. They kick things off with two massive Canadian deals that just crossed the wire: RBC and BMO offloading Moneris, one of the country's most important payment processors, to US private equity for $2 billion, and Air Canada selling a 25% stake in Aeroplan to Blackstone at a $10 billion valuation. The guys dig into what these deals actually mean for competition, consumer choice, and the quiet devaluation of your loyalty points.From there, they zoom out to the main topic: private credit as a global asset class. Now worth over $2 trillion, private credit looks very different depending on where you are in the world. Neal and Ryan walk through how the US, Europe, Asia Pacific, Australia, and Canada each carved out their own version of it, why Canada's market is heavily tilted toward real estate, and where the sector may be headed next. They close with a sharp take on why Canada is unlikely to ever mirror the US model, and why that might actually be a good thing for disciplined lenders.Show Notes00:35 Episode 150 milestone and Neal's kiteboarding recap02:15 Setting up the main topic: private credit as a global asset class02:24 The Moneris sale and what it says about Canadian competition04:03 Why the real problem is concentration, not the buyer05:20 The Canadian monopoly problem: banking, telecom, and payments06:08 Air Canada sells 25% of Aeroplan to Blackstone at a $10B valuation08:07 Why loyalty programs are often worth more than the airlines themselves09:00 How private equity ownership could accelerate points devaluation10:05 The hidden business of loyalty: companies buying points in bulk10:29 What is private credit? The categories that make up a $2T market11:45 How the US came to dominate 65% of the global private credit market13:56 Europe: infrastructure, renewables, and cross-border lending17:15 Spotlight: United Wholesale Mortgage and the US private lending giants17:35 Asia Pacific: Australia, Singapore, Hong Kong, Japan, and India19:07 Canada's role: filling gaps rather than replacing banks20:05 Why Canadian private credit is structured around real estate21:31 Canada vs the US: mortgage-focused vs corporate-focused lending22:08 Is Canadian lending really conservative? A different view on debt loads24:08 Global trends: institutional capital, tech, higher rates, retail access26:21 Where private credit is heading and Canada's real opportunityResources:Keystone Capital GroupCPLP Instagram: @cplpodcastKeystone Instagram: @keycapgroupFind Neal On:Instagram: @neal.andreinoLinkedIn: Neal AndreinoFind Ryan on:LinkedIn: Ryan MacNeilE-mail: [email protected] IN THE CPL NEWSLETTER:http://eepurl.com/FIKgpXhSbH