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Speadbites: Food for Credit Market Thought as We Head Into the Holidays
Dec 13, 2024
Daniel Lamy, Head of European Credit Strategy Research at J.P. Morgan, dishes on the evolving landscape of credit markets. He reveals positive shifts in private credit concerns and discusses investor sentiment in Europe as we approach 2025. Lamy analyses trends in capital markets, noting a decline in leveraged loan refinancing. The podcast further explores the connection between sovereign credit stability in France and corporate bonds, while also comparing the challenges facing bonds versus loans amid economic shifts. Tune in for insightful predictions as the market evolves!
22:13
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Quick takeaways
- The 2025 outlook for global credit markets indicates stable yields despite tighter spreads, reflecting strong institutional demand and resilience in investor sentiment.
- The private credit sector shows a shift towards stability, balancing growing investor confidence with caution regarding potential default risks in non-cash-accrual portfolios.
Deep dives
Outlook for 2025 and Credit Market Dynamics
The outlook for 2025 in the global credit market appears to mirror that of 2024, with key observations around spreads and yields. Spreads are notably tighter than the previous year, but institutional demand remains strong due to favorable all-in yields. This situation keeps the credit ecosystem robust, suggesting that while market segments may fluctuate minimally, overall yield trends will significantly influence investors' forecasts. Therefore, the focus for the upcoming year will continue to hinge on yield dynamics rather than dramatic fluctuations in credit spreads.
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Listen to the best highlights from the podcasts you love and dive into the full episode