Leveraged Credit Markets: Resilience Despite Macro Headwinds

Ben Thompson from JPMorgan describes a market where leveraged credit appears surprisingly resilient despite macro concerns, noting that the technical backdrop — excess liquidity versus limited new supply — continues to favor issuers and borrowers. He highlights that the forward M&A calendar in European leveraged finance remains elevated at around $15 billion, and that underwriting capacity and buy-side demand remain strong, even as some sectors like software and energy-exposed names face headwinds.