In the latest episode of "Credit Matters," Shankar Ramakrishnan (Head of U.S. Credit & Market Engagement, IGM) and Bruce Clark (Head of Rates Market Coverage, IGM) speak with Matthew Bisanz (Financial Regulatory Partner, Mayer Brown) about credit risk transfers - also known as CRT/CRS in the U.S. and SRT in Europe - and how banks sell first-loss credit exposure via structured notes without selling the underlying loans to obtain regulatory capital relief.

Matthew explains why the regional banking crisis was more about liquidity preparedness and discount window frictions than capital shortfalls, and expects greater regulatory focus on liquidity and discount window operations.

The discussion covers uninsured depositor discipline, the Fed’s role as a backstop for the real economy, CRT pricing and maturities, key U.S. regulatory clarifications enabling debt-note structures, limits on insurance-company participation, market size and transparency concerns, and why specialization is key for legal careers as AI advances.

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In the latest episode of "Credit Matters", Pranav Gupta (MD IG Syndicate, Morgan Stanley) joins Shankar Ramakrishnan and Bruce Clark to discuss record primary dollar bond issuance driven by U.S. and Yankee banks, with the big six U.S. banks nearing $150 billion by Q3 and already surpassing last year.

Gupta explains how renewed Middle East escalation, including Red Sea attacks, has pushed the 10-year Treasury to around 4.70 and added inflation uncertainty ahead of an upcoming Fed meeting, while strong U.S. growth and persistent inflows keep investment-grade spreads tight.

They cover why issuers have accepted “higher for longer,” the return of longer-dated issuance, key supply drivers (CapEx, M&A, loan growth), preferred Tier 1 refinancing and call dynamics, funding diversification into non-USD markets, improving sentiment toward BDC/private credit issuance, and faster syndication enabled by market structure and technology.

Get in touch: For more information about how IGM's solutions can support your business, visit our website or contact us: https://informaconnect.com/igm/

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In the latest episode of "Credit Matters," Stephen Burgess (Head of Leveraged Finance, U.S. Bancorp.) joins Shankar and Bruce to discuss why high-yield bond and leveraged loan spreads are near record tights as investors lock in attractive all-in yields.

Stephen shares his view that rates may remain relatively flat for a prolonged period, how a new Fed posture could tighten financial conditions without major rate moves, and what that could mean for spreads and defaults.

They examine why defaults remain historically low (strong fundamentals, legacy low-coupon debt, and liability management exercises), how the market differentiates between BB and CCC risk, and the surge in issuance—driven by refinancings and rapidly growing AI/data-center financing with lease-backed structures and guarantees—along with key sector risks, fallen angels, and how AI may change banking workflows.

Get in touch: For more information about how IGM's solutions can support your business, visit our website or contact us: https://informaconnect.com/igm/

Follow us: Keep up to date with all the latest from IGM by following us on LinkedIn: https://www.linkedin.com/company/informa-global-markets