LFI Levered Lines Podcast | S2E5 Refinancing to Real M&A: Chris Bonner's Take on LevFin's New Era скачать в хорошем качестве

LFI Levered Lines Podcast | S2E5 Refinancing to Real M&A: Chris Bonner's Take on LevFin's New Era

Welcome to the LFI Levered Lines Podcast! In this episode of Levered Lines, Steve Miller (Managing Director at Covenant Review) sits down with Chris Bonner (Partner and Head of LevFin Americas at Goldman Sachs) to discuss the resurgence of LBO activity, the evolution of private credit, and what's ahead for leveraged finance in 2025 and beyond. Chris shares his bullish outlook on M&A, highlighting public-to-private mega-deals, corporate carve-outs, and traditional PE platform deals. He identifies TMT (especially AI infrastructure), consumer retail, healthcare, and industrials as key growth sectors. The conversation explores how corporates are leveraging attractive cost of capital to compete with sponsors, and how Goldman approaches broadly syndicated and private credit markets as complementary ecosystems. Chris explains the shift toward "lightly syndicated" private credit and discusses how increased trading liquidity may affect sponsor relationships. Chris reflects on COVID-19's impact in diversifying the investor base—creating shock absorbers at various spread levels and reducing systemic leverage risk. With spreads at all-time tights, he emphasizes defensive positioning. Looking ahead, Chris is optimistic about 2026 M&A volumes, expects modest dividend activity, and argues rate cuts will primarily benefit sentiment. He offers career advice: find interesting work, surround yourself with great mentors, and embrace the evolving nature of leveraged finance. Speakers: · Steve Miller, Host, Managing Director at Covenant Review: Steve is an expert in creating news and data tools for leveraged finance and credit market participants. · Chris Bonner, Partner and Head of LevFin Americas at Goldman Sachs Chris specializes in leveraged finance market dynamics, sector trends, and M&A-driven debt issuance. Timestamps: 00:00 – Introduction 01:05 – Goldman's Leverage Finance Business 02:00 – LBO Activity & M&A Trends 05:55 – Corporates & Strategic Buyers 08:11 – Private Credit vs Broadly Syndicated 11:47 – Trading Liquidity in Private Markets 14:01 – Evolution of Investor Base 19:31 – Career Advice for Young Professionals 22:05 – Market Outlook 2025-2026 26:38 – Impact of Rate Cuts 28:26 – Conclusion & Key Takeaways Connect with CreditSights · Website: https://know.creditsights.com/ · LinkedIn:   / creditsights