Making Sense 30 years of growth: Insights from J.P. Morgan's Global Leveraged Finance Conference
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Mar 11, 2025 Kevin Foley, Global head of Capital Markets at J.P. Morgan, shares insights from the 30th Global Leveraged Finance Conference. They discuss the evolution of the conference, touching on the remarkable growth of high-yield bonds and leveraged loans. Foley highlights cautious optimism in the market amid tariff uncertainties and inflation worries. He also notes a resurgence in M&A activity, alongside J.P. Morgan's increased commitment to direct lending aimed at providing flexible financing solutions, reflecting a promising outlook for the financial landscape.
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Market Growth
- The leveraged finance market has grown significantly over the past 30 years.
- It expanded from a $350 billion market in 1995 to a $6 trillion market today, including high-yield bonds, leveraged loans, and direct lending.
Market Sentiment
- Investors are cautiously optimistic about the market due to a pro-business agenda and robust North American economy.
- Concerns remain regarding tariffs, inflation, and regulatory changes.
M&A Activity
- M&A activity is expected to increase in 2025, driven by positive market sentiment and available financing.
- Uncertainties around tariffs and other factors could potentially slow this trend down.