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Credit Matters by IGM

Podcast de Informa Global Markets

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Join Shankar Ramakrishnan every week as he dissects the latest credit events, trends and deals with market insiders and Informa Global Markets' top analysts. Find out more about Informa Global Market's data services: https://informaconnect.com/igm/

Todos los episodios

10 episodios

Portada del episodio The Evolution and Impact of Financial Covenants

The Evolution and Impact of Financial Covenants

In the latest "Credit Matters" podcast, we are joined by Ian Walker, the Head of Legal Innovation at Covenant Review, to explore the complex realm of financial covenants. Ian, a seasoned expert in legal covenant analysis, shares his insights on how these covenants serve as essential guardrails for lenders and investors, ensuring financial stability and offering early warning signs of potential default. Financial covenants, Ian explains, are agreements within loan contracts and high-yield bonds that monitor the borrower's financial health. Over the years, the market has seen a shift towards "cov-lite" agreements, which reduce the constraints traditionally placed on borrowers. This evolution reflects a broader market trend towards more flexible lending terms, driven by competitive pressures and the increasing sophistication of borrowers. Ian draws attention to the ongoing tug of war between issuers and lenders as each strives to achieve favorable terms. Despite the challenges, Ian emphasizes the critical role of these covenants in maintaining market stability. The discussion also covers the intricate dynamics of liability management transactions, highlighting the innovative approaches the market takes to manage distressed situations and preserve value.

15 de may de 2026 - 57 min
Portada del episodio The Power of Non-US Investors in Dollar Markets

The Power of Non-US Investors in Dollar Markets

In the latest episode of "Credit Matters", Jonathan Anderson, Global Head of Debt Syndicate and US DCM at SMBC Nikko Securities America, joins Shankar Ramakrishnan and Bruce Clark to discuss the growing influence of Asian and Middle Eastern investors in US dollar fixed income, including Reg S markets and how liquidity and attractive yields support demand. They address whether “sell America” narratives after Liberation Day tariffs and the Iran war showed up in order books, and explore the impact of diverging global monetary policy, including Bank of Japan changes. The conversation covers surging emerging market issuance, risk sentiment and spread behavior, funding diversification across currencies, record Reverse Yankee and “kangaroo” activity, concentration-risk concerns, strong M&A financing volumes, and private credit/BDC market support, plus how syndicate execution has become faster and more efficient and how AI may augment junior roles.

8 de may de 2026 - 51 min
Portada del episodio Hybrid Bonds: The Future of Finance

Hybrid Bonds: The Future of Finance

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. Subscribe to Credit Matters on YouTube, Apple Podcast, Spotify, or wherever you get your podcasts. Unlock daily issuance insights and live bond data - request a free trial of IGM's solutions or contact us for more info.

24 de abr de 2026 - 55 min
Portada del episodio Fitch Ratings on Market Trends & Risks

Fitch Ratings on Market Trends & Risks

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. Subscribe to Credit Matters on YouTube, Apple Podcast, Spotify, or wherever you get your podcasts. Unlock daily issuance insights and live bond data - request a free trial of IGM's solutions or contact us for more info.

17 de abr de 2026 - 46 min
Portada del episodio From Iran Tensions to AI Ventures: The Credit Market Perspective

From Iran Tensions to AI Ventures: The Credit Market Perspective

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.

10 de abr de 2026 - 42 min
Soy muy de podcasts. Mientras hago la cama, mientras recojo la casa, mientras trabajo… Y en Podimo encuentro podcast que me encantan. De emprendimiento, de salid, de humor… De lo que quiera! Estoy encantada 👍
Soy muy de podcasts. Mientras hago la cama, mientras recojo la casa, mientras trabajo… Y en Podimo encuentro podcast que me encantan. De emprendimiento, de salid, de humor… De lo que quiera! Estoy encantada 👍
MI TOC es feliz, que maravilla. Ordenador, limpio, sugerencias de categorías nuevas a explorar!!!
Me suscribi con los 14 días de prueba para escuchar el Podcast de Misterios Cotidianos, pero al final me quedo mas tiempo porque hacia tiempo que no me reía tanto. Tiene Podcast muy buenos y la aplicación funciona bien.
App ligera, eficiente, encuentras rápido tus podcast favoritos. Diseño sencillo y bonito. me gustó.
contenidos frescos e inteligentes
La App va francamente bien y el precio me parece muy justo para pagar a gente que nos da horas y horas de contenido. Espero poder seguir usándola asiduamente.

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