BSL Divided: AI Overhang vs. Flight to Quality
Know More. Risk Better. Podcast | Season 10, Episode 30
This episode explores the key trends, risks, and opportunities shaping the broadly syndicated loan market. Winnie Cisar is joined by Kerry Kantin to discuss the rebound in loan issuance, growing divergence across credit quality, and how investors are assessing AI-related risks in software and technology borrowers. They examine refinancing activity, liability management protections, the 2028 maturity wall, and the evolving relationship between private credit and broadly syndicated loans.
The conversation also explores AI infrastructure and data center financings, shifting CLO dynamics, and the factors driving demand across leveraged finance markets. Tune in for valuable insights to help credit investors navigate evolving market conditions and identify the risks and opportunities shaping loan markets today.
Watch on YouTube:
Speakers:
Winnie Cisar, Global Head of Strategy, CreditSights:
Winnie leads strategy coverage across credit markets, specializing in high yield, investment grade, leveraged finance, and market drivers influencing new issuance.
Kerry Kantin, Bureau Chief US, LevFin Insights:
Kerry covers the US institutional loan market and provides insights on leveraged finance as part of LevFin Insights within Fitch Solutions.
Timestamps:
00:00 Introduction to the Loan Market Dynamics
02:24 Market Recovery and Geopolitical Influences
06:00 Technical Support vs. Fundamental Concerns
10:49 Issuance Trends and Quality Segmentation
15:36 Software and Tech Sector Challenges
18:34 Documentation Tightening and Market Adaptations
21:34 Market Dynamics and New Money Issuance
25:38 The Rise of Data Center Financing
32:01 Private Credit vs. BSL: A Shifting Landscape
39:20 Opportunities and Risks in the Loan Market
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More from our team:
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SpaceX at Scale: Valuation, Volatility and the Road Ahead
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Private Credit vs. Pro Rata: A Market Reset with Huntington
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