In this quarter’s episode of Capital Markets View, Ruth and Chris focus on the secondary market, how pricing appears to have stabilised, they take a look at a detailed breakdown of where the market is pricing, touch on if Direct Lending will open up to secondary trading and compare the US and European markets.

We're joined by credit analysts Casper Andersen to discuss how covered bonds could ease the pain in European commercial real estate (CRE), which has been struggling with inflation and rising interest rates. First, we go into the price trends of different CRE segments. We touch on covered bond rating performance. Finally, we talk about the potential for covered bond funding, which varies significantly depending on the covered bond issuer and jurisdiction, and green covered bonds, which may offer a potential source for further CRE funding. Related article: Covered Bonds Could Ease The Pain In European Commercial Real Estate , May 16, 2023

Daniel Yergin, Vice Chairman at S&P Global, Pulitzer-Prize winning author and founder of CERA, joins host Joe Cass on this special 1-on-1 episode of Fixed Income in 15. Topics included Dan’s newest book ‘The New Map’, challenges of the energy transition, founding Cambridge Energy Research Associates in 1983 and his experiences advising multiple U.S Presidents. Sign-up here to be notified as soon as future episode are published View the series so far here

In this discussion, Minesh Patel, the US sector lead of Leveraged Finance at S&P Global Ratings, teams up with the Director of Leveraged Finance, Hanna Zhang, to explore the key insights presented in Hanna's latest commentary, titled "U.S. Leveraged Finance Q1 2023 Update: Ch-Ch-Ch-Changes -- Material Shifts In Key Credit Stats Drove Downgrades To 'B-' And 'CCC', And Upgrades To 'B-'." Key takeaways from the article include: Within 12 months leading to a rating action, higher debt service costs and slower profit growth were often the leading factors in downgrades to 'B-' and the 'CCC' category (CCC+/CCC/CCC-). Median leverage for companies downgraded to the 'CCC' category rose to 15.5x as EBITDA all but dried up. It was 8x for entities rated 'B-'. About 21% of 'B-' rated borrowers had EBITDA interest coverage of less than 1x in the 12 months ended on March 31, 2023. We estimate that roughly 37% of 'B' rated issuers employ interest rate hedges. Interest rate sensitivity for 'B-' rated companies is much higher, with roughly 19% employing hedges and 90% floating-rate debt exposure Speculative-grade borrowers may be returning to cash preservation, but 2022 was loaded with shareholder rewards and heavy working capital investment for companies rated 'B+' and higher. Issues with recovery expectations within the 50%-70% range account for two-thirds of total new issuance in the first quarter of 2023, although average recovery expectations remain near the low end of the post-2017 average. View related article: Leveraged Finance: U.S. Leveraged Finance Q1 2023 Update: Ch-Ch-Ch-Changes -- Material Shifts In Key Credit Stats Drove Downgrades To 'B-' And 'CCC', And Upgrades To 'B-' Interactive Dashboard

Mary Pryshlak, Head of Investment Research at Wellington Management, joined Alexandra Dimitrijevic, Global Head of Research & Development at S&P Global Ratings and host Joe Cass on this episode of Fixed Income in 15. Discussion focused on the potential role of Generative AI in credit research, leadership experiences from Alexandra and Mary and books that have fundamentally changed our guests' lives. Sign-up here to be notified as soon as future episode are published View the series so far here

We're joined by credit analysts Andrew South and Casper Andersen to discuss covered bonds in Sweden, Norway, and Finland. Sweden has been experiencing rapidly rising consumer prices at a rate not seen in decades. Norway and Finland have been facing rising interest rates, which has had a dampening effect on property price. We talk about how the covered bond markets in all three jurisdictions have been faring under these conditions. Relevant Articles : Payment Shock In Swedish Covered Bond Pools Norwegian And Finnish Covered Bond Market Insights 2023

We're joined by credit analysts Dev Vithani, Joshua Saunders, and Maxime Pontois to discuss some of the alternative financing arrangements that are on an uptick in the asset-backed commercial paper (ABCP) sectors in U.S. and EMEA and how they support issuance growth. We also discuss the impact of the recent events in the banking sector on the U.S. and EMEA ABCP markets. And finally, we go into our expectations for global issuance totals for this year. Relevant Articles: Inside Global ABCP: Alternative Financing Arrangements Support Issuance Growth

We're joined by CLO Sector Lead Stephen Anderberg and credit analyst Daniel Hu to discuss how rising U.S. broadly syndicated loan (BSL) CLO 'CCC' baskets could affect junior overcollateralization (O/C) test cushions. We detail how the mechanics of CLO O/C tests work and why the tests themselves matter. Then we deep dive into the scenario analysis we undertook to look at how the junior O/C test cushions could be affected by various hypothetical scenarios of rising 'CCC' baskets. Related Articles : Scenario Analysis: How Rising U.S. BSL CLO 'CCC' Baskets Could Affect Junior Overcollateralization Test Cushions Interactive dashboard

Saira Mailk, CIO of Nuveen joins Ruth Yang, Global Head of Thought Leadership at S&P Global Ratings and host Joe Cass on this episode of Fixed Income in 15. Discussion focused on Saira’s experience breaking into finance, the next big risks for investors, Ruth’s leadership experience and Saira and Ruth’s strategies when educating their children on finance. Sign-up here to be notified as soon as future episode are published View the series so far here

In this edition of Capital Markets View Ruth and Chris discuss the levels of loan issuance, the volatility of the secondary market, potential downgrades, the maturity wall looming (again) and our default predictions.