Rowan argues one bank's decision to make a market transformed levered loans into a tradable asset class over 25 years.
“Twenty five years later, levered loans trade because this one bank made a market in it, and then other banks came and made a market in it.”
Rowan says Apollo created a data warehouse for private market pricing and made it available to all dealers.
“We created a data warehouse. We made that data available to all other dealers. We are not the only market maker.”