The LFI Levered Lines Podcast Data, Deals & the Digital Shift in Leveraged Finance
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Aug 5, 2025 
Bill Housey, Head of Fixed Income at First Trust, discusses his journey in the leveraged loans market, including his innovative work over 15 years. He highlights the explosive growth of ETFs and how technology like AI is reshaping credit analysis. The duo delves into recent BSL activity and the revival of M&A, emphasizing the need for transparency and active management in a volatile market. Housey also shares insights on the intersection of private credit and syndicated markets, offering valuable perspectives for all investors.
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First Trust's ETF Innovation Story
- First Trust innovated by launching one of the earliest senior loan ETFs over 15 years ago.
- They embraced active management and ETF transparency early to meet evolving client needs.
Matching ETF Liquidity to Assets
- ETFs must match promised liquidity with the liquidity of their underlying assets to be effective.
- Investors should be cautious about including less liquid assets in daily liquid ETF wrappers.
AI Amplifies Credit Analysis
- Technology transformed leveraged finance from manual processes to data-driven analytics.
- AI now amplifies analysts' work by improving efficiency and depth of credit analysis.