In the latest episode of "Credit Matters," guest Dan Botoff, Global Head of DCM Syndicate at RBC Capital Markets, joins Shankar Ramakrishnan (Head of U.S. Credit & Market Engagement, Informa Global Markets) and Bruce Clark (Head of Rates Market Coverage, Informa Global Markets) to discuss hybrid bonds and preferred securities—capital instruments blending debt and equity that can provide issuers equity credit, regulatory benefits, tax advantages, and non-dilutive balance-sheet support while offering investors higher yield.

They review where hybrids sit in the capital structure, who uses them (banks, utilities, industrials, non-bank financials), and current issuance trends (US just under $30B YTD vs mid-$80B last year) with 30–40% growth in major markets over recent years.

The conversation covers how rate cycles affect issuance, investor base expansion, lessons from stress events like Credit Suisse AT1s, liquidity and private credit/BDC market sentiment, cross-currency funding opportunities amid divergent central-bank paths, market efficiency gains since the 1990s and during COVID, and how AI and better information flow are reshaping capital markets and junior banker skill needs.

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In the latest episode of "Credit Matters," guest Meghan Neenan (NA / Head of North America Non-Bank Financial Institutions, Managing Director) joins host Shankar Ramakrishnan and co-host Bruce Clark to explain what private credit is, how it has grown since the global financial crisis, and why it matters for financial markets.

Neenan breaks down key segments such as direct lending and business development companies, discusses fund financing tools like NAV facilities, and explains how bank regulatory capital and leveraged lending guidance helped shift lending outside banks. The conversation covers cyclicality, refinancing and amend-and-extend dynamics, PIK features, and Fitch’s due diligence and rating approaches, including macroeconomic inputs and lessons from the GFC.

They also address recent stress headlines, redemption-driven liquidity concerns, retail participation, dispersion among managers, and why Fitch sees private credit as systemically relevant but not likely to trigger broad contagion.

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Hosts Shankar Ramakrishnan and Bruce Clark are joined by Dave Corbell to discuss the state of US and European primary credit markets amid volatility tied to the Iran conflict, inflation concerns, private credit risks, and shifting rate expectations.

They note heavy front-loaded issuance as banks push borrowers to seize brief market windows, with the US posting a record $651bn investment-grade first quarter and Europe also seeing a record Q1, while spreads have widened only mildly and often tighten when supply slows.

Demand remains strong with cover ratios above four times, though higher Treasury yields and rising new-issue premiums lift borrowing costs. They discuss risk-on behavior despite negative headlines, changing rate-cut versus hike pricing, a slowdown in European high yield, emerging market issuance strength, refinancing risks from COVID-era debt, and signs of strain in some structured finance assets without clear systemic fallout.