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Andrzej Skiba, RBC Global Asset Management, on Dynamics in the 2024 Leveraged Finance Market.
Mar 25, 2024
Andrzej Skiba, managing director at RBC Global Asset Management, discusses dynamics in the 2024 leveraged finance market including market conditions, defaults, and the impact of inflation. The podcast also explores trends in fixed vs. floating rate debt, competition between private credit lenders and syndicated loan market, and bankruptcy cases overview.
26:14
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Quick takeaways
- Market conditions in leveraged finance are healthy, but concerns about inflation's impact on issuance are prevalent.
- Default rates in leveraged finance are around 3%, with higher rates in loans than bonds due to sector leverage.
Deep dives
Market Conditions and Inflation Concerns Impact Leverage Finance Market
Market conditions in the leverage finance markets are currently healthy, but concerns about inflation's effect on new primary issuance are looming. The pace of rate cuts by the Fed will likely be influenced by inflation, potentially impacting M&A activity and sentiment towards leverage finance assets. While there is a preference for both floating and fixed-rate debt, investors are cautious about future rate cuts and seek exposure based on their outlook for interest rates.
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