US/EMEA Insight: Q&A with John Gally, Morgan Stanley’s Global co-head of Leveraged Finance
Tom Davidson: Senior Managing Editor
19 October 2026
- How artificial intelligence infrastructure requirements are influencing financing structures across public and private markets.
- What disciplined equity contributions may signal about leverage, resilience and investor alignment.
- Why borrowers increasingly combine loans, bonds and currencies to access deeper capital pools.
- How rates, documentation protections and lender expectations are reshaping refinancing and maturity extensions.
- Which factors determine whether syndicated loans or private credit offer stronger execution options.
Executive Summary
Credit markets continue supporting corporate growth, infrastructure and innovation. Investors retain broad choices across financing structures.
Sponsors increasingly emphasize discipline, resilience and alignment. Stronger equity support may broaden investor participation.
Borrowers use multiple markets to improve execution flexibility. However, pricing and terms can shift quickly.
Documentation protections are becoming increasingly important during refinancing negotiations. Lenders seek stronger safeguards and transparency.
Private and syndicated markets continue offering credible financing paths. Meanwhile, issuer quality influences the preferred approach.
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US/EMEA Insight: Q&A with John Gally, Morgan Stanley’s Global co-head of Leveraged Finance