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/

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In the latest episode of "Credit Matters", Shankar Ramakrishnan and Bruce Clark are joined by Marcus Dewsnap (Head of Fixed Income Strategy, IGM) to discuss how the on-and-off Iran conflict and oil-price moves are driving interest-rate expectations and government bond yields across the U.S., UK, and Eurozone.

They review how yields started the year with a disinflationary tone, then repriced amid Gulf tensions, and why markets view recent oil spikes as contained.

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," Shankar Ramakrishnan (Head of U.S. Credit & Market Engagement, Informa Global Markets) and Bruce Clark (Head of Rates Market Coverage, Informa Global Markets) speak with Navneet Agarwal (Global Head of Structured Finance, Moodys Ratings) about how securitization turns future cash flows from assets like auto loans, mortgages, credit cards, device payment plans, student loans, leases, cell towers, and royalties into tradable securities using true sale, pooling, and tranching.

Agarwal explains why securitization provides liquidity, balance-sheet flexibility, and broader investor access, and how governance, standardization, and servicing frameworks support the market.

They discuss lessons from First Brand’s default, ratings as measures of credit risk rather than market moves, macro impacts including inflation and consumer bifurcation, and growth areas like data centers, cat bonds, and emerging-market structures such as IFC pools. Agarwal also shares career advice and how AI may enhance rating agency work.

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," Shankar Ramakrishnan and Bruce Clark speak with Jill Cetina (Executive Professor and Associate Director of the Commercial Banking Program, Texas A&M University) about how Bitcoin’s market role has shifted as alternatives like precious metals and stablecoins have gained traction.

They discuss dollar weakness versus recent commodity-driven shocks tied to the Strait of Hormuz, the risk that inventory drawdowns could trigger parabolic moves in oil and other Gulf-linked commodities, and how that could feed inflation, recession risk, and higher Treasury yields amid global bond-market pressures.

Cetina frames stablecoins as a potential tool for boosting T-bill demand and supporting Treasury debt management, but warns they may crowd out bank deposits and small-business lending. The conversation also critiques proposed bank deregulation, arguing key lessons from the 2023 regional banking crisis on liquidity and interest-rate risk remain unaddressed.

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 "Credit Matters" podcast, we are joined by Ian Walker, the Head of Legal Innovation at Covenant Review, to explore the complex realm of financial covenants. Ian, a seasoned expert in legal covenant analysis, shares his insights on how these covenants serve as essential guardrails for lenders and investors, ensuring financial stability and offering early warning signs of potential default.

Financial covenants, Ian explains, are agreements within loan contracts and high-yield bonds that monitor the borrower's financial health. Over the years, the market has seen a shift towards "cov-lite" agreements, which reduce the constraints traditionally placed on borrowers. This evolution reflects a broader market trend towards more flexible lending terms, driven by competitive pressures and the increasing sophistication of borrowers.

Ian draws attention to the ongoing tug of war between issuers and lenders as each strives to achieve favorable terms. Despite the challenges, Ian emphasizes the critical role of these covenants in maintaining market stability. The discussion also covers the intricate dynamics of liability management transactions, highlighting the innovative approaches the market takes to manage distressed situations and preserve value.

In the latest episode of "Credit Matters", Jonathan Anderson, Global Head of Debt Syndicate and US DCM at SMBC Nikko Securities America, joins Shankar Ramakrishnan and Bruce Clark to discuss the growing influence of Asian and Middle Eastern investors in US dollar fixed income, including Reg S markets and how liquidity and attractive yields support demand.

They address whether “sell America” narratives after Liberation Day tariffs and the Iran war showed up in order books, and explore the impact of diverging global monetary policy, including Bank of Japan changes.

The conversation covers surging emerging market issuance, risk sentiment and spread behavior, funding diversification across currencies, record Reverse Yankee and “kangaroo” activity, concentration-risk concerns, strong M&A financing volumes, and private credit/BDC market support, plus how syndicate execution has become faster and more efficient and how AI may augment junior roles.