

Mitchell Garfin, Co-Head of Leveraged Finance, BlackRock
8 snips Jun 5, 2025
Mitch Garfin, Co-head of Leveraged Finance at BlackRock, brings 30 years of expertise in high yield and leveraged loans. In this discussion, he reveals how his team navigates tariff impact on sectors like autos while finding value in tech and insurance. They delve into the evolution of trading technology, emphasizing electronification and portfolio trading's role in enhancing liquidity. Mitch also shares insights on the post-COVID financial landscape and the complexities of managing credit risks amid ongoing macroeconomic uncertainties.
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Mitch Garfin's Career Journey
- Mitch Garfin started his career at BlackRock in 1997 in account management, focusing on investment banking tasks.
- He transitioned to research and portfolio management roles before leading leveraged finance strategies since 2007.
High Yield Market Quality Shift
- The high yield market's credit quality has improved significantly, with BBs now 50% and CCCs 12% of the market.
- Higher credit quality supports tighter spreads and lower yields compared to a decade ago.
Why High Yield Quality Changed
- Many issuers moved lower quality financing to leveraged loans and private credit markets due to call protection differences.
- Downgrades from investment grade have increased high yield's size and credit quality.