S&P Global Ratings

After two years of muted issuance, the U.S. BSL #CLO market has roared back to life, with about $165 billion in issuance to date. We’re joined by CLO Sector Lead Stephen Anderberg to discuss what’s driving this active market (e.g., benign credit outlook and continuing strong demand for high-quality floating-rate assets), where we think the market will end up at the end of the year, and the status of refinancings and resets, specifically. Leveraged Finance Sector Lead Minesh Patel also joins us to discuss the factors driving our generally positive view of Corporate credit performance over the next 6-12 months (e.g., policy interest rate normalization to help stick a soft landing, generally healthy balance sheets, etc.). Related Articles: U.S. BSL CLO And Leveraged Finance Quarterly: Cautious Optimism, But Still A Credit Pickers’ Market CLO Spotlight: Will Market Volatility Reset CLO Reset/Refi Volume Expectations For Second-Half 2024?

Global banks will keep on a stable ratings course in 2025. About 80% of banking groups globally have stable rating outlooks and we envisage this trend continuing in 2025. Positive ratings movements will more likely be driven by idiosyncratic country and bank bank-specific factors. Click here to view our full article.

Series 6, Episode 7: Leveraged Finance & CLOs Uncovered Podcast: Story Behind Cerba-Chrome Holdco SAS Hina and Sandeep discuss Cerba with Remi Bringuier, discussing our current expectations for the company's performance and the areas we are closely monitoring. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.

In this episode of FI15, Joe is joined by Jon Gray, President & Chief Operating Officer at Blackstone and Doug Peterson, CEO & President of S&P Global. Discussion covered Doug’s upcoming retirement, Jon on the future of private markets and infrastructure, Doug on GenAI and Jon on his viral jogging videos on Linkedin. This episode was recorded and published prior to Doug's retirement as CEO & President, he is now Special Advisor at S&P Global. Sign-up here to be notified as soon as future episode are published View the series so far here

In this episode of FI15, Joe is joined by Richard Attias, CEO & Founder of Richard Attias & Associates and CEO of the FII Institute. Topics included the upcoming FII Institute event in Riyadh, Richard’s relationship with H.E Yasir Al-Rumayyan, how to successfully build senior relationships and Richard’s networking tips to progress your career. Sign-up here to be notified as soon as future episode are published View the series so far here

Series 6, Episode 6: What’s new for CLOs? After the summer break, Hina and Sandeep are joined by John Finn to discuss our recent Structured Finance conference, new features in CLO documentation, recent CLO performance, and future challenges faced by the market. Our aim is to provide market participants with further advanced analytical insight into Corporate Credits, CLOs and Leveraged Finance deals, with S&P Global Ratings regular podcast, based on key features we’re seeing in corporate credits and sectors that CLOs are exposed to.

In this episode of FI15, Joe is joined by Mohamed El-Erian, President of Queens' College, University of Cambridge and Sudeep Kesh, Chief Innovation Officer at S&P Global Ratings. Topics discussed included the potential impact of AI on investing and portfolio management, how Mohamed incorporates data into his views, Sudeep on AI in movies and music and Mohamed’s relationship with the Gen Z students at Queens'. Sign-up here to be notified as soon as future episode are published View the series so far here

In this episode of FI15, Joe is joined by Jay Sammons, Co-Founder of SKKY Partners and Raam Ratnam, Managing Director at S&P Global Ratings. Topics included SKKY Partners investment process, Jay’s experience founding the company with Kim Kardashian, staying on top of consumer culture and Raam’s takeaways from his career as an accountant. Sign-up here to be notified as soon as future episode are published View the series so far here

Corporate Australia faces a choppy earnings season. A cocktail of persistent cost pressures, high interest rates, and softening demand confronts issuers. A robust labor market and consumer sentiment have helped Australian companies navigate a shifting operating environment. But things are changing. We outline our forward-looking views of the most urgent themes affecting Australian corporates ahead of the fiscal 2024 earnings season. Key questions include: How can office REITs alleviate pressure on stretched metrics amid declining valuations? Will the wane in pricing power among corporates heap more pressure on earnings margins? How is the COVID-19 inventory overhang affecting credit? Which sectors are most likely to attract capital investment as higher-for-longer interest rates and slowing demand force greater capital discipline?

Series 6, Episode 5: Before we all break for summer, Hina & Sandeep discuss Ardagh Group with Desiree Menjivar over an in-depth analysis of Ardagh’s recent rating action and insights into the key factors shaping the company's performance, and the areas we are closely monitoring. View related research: Ardagh Group S.A. And Glass-Packaging Subsidiaries Downgraded To 'CCC-' On Debt Restructuring Risk; Outlook Negative