Closing Outlook: Market Conviction and Medium-Term Risks

Each panellist offers closing thoughts on the market outlook. Josy Mazzucchiello is cautiously positive near-term but flags H2 risks around AI refinancing and the 2028 maturity wall. Aleem Akhtar expects continued activity with greater manager selectivity, more private credit and hybrid CLOs, and faster deal execution windows. Anusha Singh notes that while investor cash remains available and the primary market is open, issuance will be choppier due to the loan-liability disconnect, though Europe's infrastructure and defence spending needs support the medium-term growth case. Jon Brager points to the 2027/28 maturity wall in software services as the key watchpoint, with successful refinancings likely to be a green light for broader market recovery.