News & Events

Ken Wallach, Co-Head of the Firm’s Global Capital Markets Practice, and Patrick Ryan, Head of the Firm’s Global Banking and Credit Practice, were quoted in a Debtwire article titled, “Primary Market Shows Signs of Revival, Momentum To Continue in 2H23, But at a Cost, ” which discussed the outlook for the primary market in the second half of the year. In providing context on what has led to current market conditions, Ken observed that the primary market saw challenges in 2022 mainly due to a strong inflationary environment and rising interest rates. He also noted, “In 2020 and 2021 companies took advantage of positive market conditions to push out debt maturities and get more runway before needing to raise more capital.” When commenting on how BB rated companies currently represent a sweet spot in the market, Patrick indicated, “They have higher yields for investors than investment grade with a lower risk profile than most non-IG companies, and also tend to be active users of capital, including for acquisitions.”

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