Mark Antonazio

Credit Markets: What's Next?

Mike Milken, David Warren, Steve Tannenbaum, Mark Rowan, Josh Friedman, Mark Antonazio, Richard Kanner

Representatives from Moody's, Apollo, and Golden Tree analyzed the current high-yield credit landscape, warning that stripped covenants and the dominance of liquidity-seeking ETFs are obscuring default risks despite historically low immediate default rates. The panelists outlined a strategic pivot toward direct origination and distressed opportunities in Europe's non-performing loan sector and China's underserved SME market to navigate the transition from a public to a private credit-driven era. Participants concluded that regulatory changes shrinking bank balance sheets and the shift away from traditional "Too Big to Fail" models will establish a "golden era" for alternative capital providers in infrastructure and structured products over the next decade.