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Making Sense

30 years of growth: Insights from J.P. Morgan's Global Leveraged Finance Conference

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.
12:45

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Quick takeaways

  • The leveraged finance market has dramatically grown from $350 billion in 1995 to a staggering $6 trillion today, highlighting the sector's evolution.
  • J.P. Morgan's $50 billion commitment to direct lending demonstrates a strategic shift to adapt financial solutions for clients' diverse growth needs.

Deep dives

Growth of the Leverage Finance Market

The podcast highlights the significant growth of the leverage finance market over the past 30 years, expanding from a $350 billion market in 1995 to a combined $6 trillion today. This includes high-yield bonds and leveraged loans, each now valued at $2 trillion, along with an equally sizable direct lending market. The impressive expansion is reflected in the attendance at the recent Global Leverage Finance Conference, which saw participation increase from a mere 100 attendees three decades ago to over 3,000 today. This growth showcases not only the event's evolution but also the increasing complexity and opportunities within the finance sector.

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