Credit Matters by IGM

Informa Global Markets
  • 5.0 (1)
  • Investing

Join Shankar Ramakrishnan every week as he dissects the latest credit events, trends and deals with market insiders and Informa Global Markets' top analysts. Find out more about Informa Global Market's data services: https://informaconnect.com/igm/

Episodes

  1. Jun 6

    From Car Loans to Credit Cards: The Encompassing World of Securitization

    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/ 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

    58 min

  2. May 29

    The Future of Bitcoin: Trends, Challenges, and Alternatives

    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/ 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

    1h 9m

  3. May 15

    The Evolution and Impact of Financial Covenants

    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.

    58 min

  4. May 8

    The Power of Non-US Investors in Dollar Markets

    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.

    52 min

  5. Apr 24

    Hybrid Bonds: The Future of Finance

    In the latest episode of "Credit Matters," guest Dan Botoff, Global Head of DCM Syndicate at RBC Capital Markets, joins Shankar Ramakrishnan (Head of U.S. Credit & Market Engagement, Informa Global Markets) and Bruce Clark (Head of Rates Market Coverage, Informa Global Markets) to discuss hybrid bonds and preferred securities—capital instruments blending debt and equity that can provide issuers equity credit, regulatory benefits, tax advantages, and non-dilutive balance-sheet support while offering investors higher yield. They review where hybrids sit in the capital structure, who uses them (banks, utilities, industrials, non-bank financials), and current issuance trends (US just under $30B YTD vs mid-$80B last year) with 30–40% growth in major markets over recent years. The conversation covers how rate cycles affect issuance, investor base expansion, lessons from stress events like Credit Suisse AT1s, liquidity and private credit/BDC market sentiment, cross-currency funding opportunities amid divergent central-bank paths, market efficiency gains since the 1990s and during COVID, and how AI and better information flow are reshaping capital markets and junior banker skill needs. Subscribe to Credit Matters on YouTube, Apple Podcast, Spotify, or wherever you get your podcasts. Unlock daily issuance insights and live bond data - request a free trial of IGM's solutions or contact us for more info.

    56 min

  6. Apr 17

    Fitch Ratings on Market Trends & Risks

    In the latest episode of "Credit Matters," guest Meghan Neenan (NA / Head of North America Non-Bank Financial Institutions, Managing Director) joins host Shankar Ramakrishnan and co-host Bruce Clark to explain what private credit is, how it has grown since the global financial crisis, and why it matters for financial markets. Neenan breaks down key segments such as direct lending and business development companies, discusses fund financing tools like NAV facilities, and explains how bank regulatory capital and leveraged lending guidance helped shift lending outside banks. The conversation covers cyclicality, refinancing and amend-and-extend dynamics, PIK features, and Fitch’s due diligence and rating approaches, including macroeconomic inputs and lessons from the GFC. They also address recent stress headlines, redemption-driven liquidity concerns, retail participation, dispersion among managers, and why Fitch sees private credit as systemically relevant but not likely to trigger broad contagion. Subscribe to Credit Matters on YouTube, Apple Podcast, Spotify, or wherever you get your podcasts. Unlock daily issuance insights and live bond data - request a free trial of IGM's solutions or contact us for more info.

    46 min

  7. Apr 10

    From Iran Tensions to AI Ventures: The Credit Market Perspective

    Hosts Shankar Ramakrishnan and Bruce Clark are joined by Dave Corbell to discuss the state of US and European primary credit markets amid volatility tied to the Iran conflict, inflation concerns, private credit risks, and shifting rate expectations. They note heavy front-loaded issuance as banks push borrowers to seize brief market windows, with the US posting a record $651bn investment-grade first quarter and Europe also seeing a record Q1, while spreads have widened only mildly and often tighten when supply slows. Demand remains strong with cover ratios above four times, though higher Treasury yields and rising new-issue premiums lift borrowing costs. They discuss risk-on behavior despite negative headlines, changing rate-cut versus hike pricing, a slowdown in European high yield, emerging market issuance strength, refinancing risks from COVID-era debt, and signs of strain in some structured finance assets without clear systemic fallout.

    43 min

  8. Mar 27

    From Dollars to Euros: A Dive into Global Credit Trend

    On this episode of Credit Matters, host Shankar Ramakrishnan is joined by Bruce Clark and European credit analyst Matthew Barrett, to discuss the surge in “reverse Yankee” issuance—US companies raising debt in Europe—as AI infrastructure funding drives jumbo deals and issuers seek diversification to avoid overcrowding the dollar market and rising costs. They explain how rate differentials, a tight cross-currency basis swap (around 0–5bp), and attractive all-in euro funding have pulled issuers across the pond, citing IBM’s lower euro coupons and record multi-tranche trades from Amazon and Alphabet, including landmark sterling and Swiss franc issuance. The team also explores how Middle East-driven volatility and shifting rate-hike expectations in Europe and the UK are lifting yields and new-issue concessions, slowing supply, and making timing issuance windows harder even as demand remains strong when investors are compensated. 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

    40 min

  9. Mar 20

    Is the Bond Market Poised for a Major Shift?

    On this episode of “Credit Matters,” Shankar Ramakrishnan and Bruce Clark recap a volatile week in rates and credit as Middle East conflict headlines pushed oil prices higher, helping stall US investment grade issuance after a busy start to the week. Bruce outlines a dramatic repricing of global central bank expectations, with Europe and the UK turning notably more hawkish while US futures shift from pricing multiple cuts to a small chance of a hike by year-end. Guest Meghan Robson, Head of US Credit Strategy at BNP, says credit’s reaction has been muted as Powell stayed data-dependent, but investors are moving away from the “several cuts” narrative; she notes IG spreads have widened about 20bp since January though fundamentals remain mid-cycle. Meghan discusses positioning, preferred opportunities in IG and select high yield cyclicals, AI-driven software sentiment risk versus fundamentals, private credit concerns tied to leverage and transparency, key red flags (earnings declines and asset coverage), and practical hedging tools like CDX and options. 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

    37 min

  10. Mar 13

    Record IG issuance, war-driven rate volatility & where to invest now

    On the second episode of "Credit Matters", Shankar and Bruce discuss record-breaking US investment grade issuance and a rebound in high yield, including a triple-C tap, despite growing strains and broader volatility. Guest Winnie Cisar of CreditSights says issuance is “bananas” even as borrowing costs rise, driven by strong fundamentals and investor demand for attractive all-in yields (IG above 5%, HY above 7%) despite tight spreads. She highlights sector-specific cracks (media, chemicals), private credit risks and floating-rate pressure, and notes default rates remain relatively low (HY ~2.4%, loans near 5%). 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

    37 min

  11. Mar 6

    Why US investment grade bonds are booming amid the Iran war

    This week on Credit Matters, Shankar Ramakrishnan kicks off with expectations for a massive March with $230B of new supply and a potential $2T year. He and Bruce Clark discuss the demand “technicals” behind strong issuance, attractive 4–6% yields, and near-non-existent default rates, alongside risks from volatility tied to the Iran war, oil-price shocks, inflation, and shifting rate-cut expectations. Clark outlines how early-2026 “Goldilocks” conditions were supported by strong earnings and falling treasury yields before the conflict reversed yields and darkened sentiment, amplified by a weak February payroll report. 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

    29 min

  12. Feb 13

    Introducing... Credit Matters by IGM

    Shankar Ramakrishnan, Head of U.S. Credit and Market Engagement at Informa Global Markets, breaks down the hottest topics in the world of investment banking in IGM's weekly podcast. Find out more about Informa Global Market's data services: https://informaconnect.com/igm/

    1 min
  • 12 Episodes

About

Join Shankar Ramakrishnan every week as he dissects the latest credit events, trends and deals with market insiders and Informa Global Markets' top analysts. Find out more about Informa Global Market's data services: https://informaconnect.com/igm/

Information

  • Creator
    Informa Global Markets
  • Years Active
    2K
  • Episodes
    12
  • Rating
    Clean
  • Copyright
    © Copyright 2026 Informa Global Markets
  • Show Website
    Credit Matters by IGM

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