The Credit Edge by Bloomberg Intelligence Goldman’s Jonny Fine Sees Bond Issuance Rush Extending
Oct 24, 2024
Jonny Fine, the Global Head of Investment Grade Debt at Goldman Sachs, discusses the anticipated surge in high-grade US corporate bond issuance in 2025, fueled by economic growth and refinancing needs. He elaborates on the role of private credit and its impact on traditional financing, as well as the expected dynamics from regulatory changes. Fine and his co-hosts explore how infrastructure finance and increasing M&A activity will contribute to market momentum, alongside the influence of rising interest rates on consumer behavior and capital markets.
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Record-Breaking Year?
- James Crombie and Fine discussed if a new record will be set next year.
- Fine predicts modest growth but not a new record.
Tight Spreads
- Crombie expressed skepticism about tight spreads, suggesting investors should pay more attention.
- Fine countered, stating that the current environment feels sustainable and reasonable.
Private Credit's Role
- Fine discussed private credit's role, especially with the rise of firms like Apollo.
- He believes private credit and traditional banking will coexist, serving different segments.