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William Wolcott

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  1. Goldman Sachs6 min

    The ‘Equitization’ of the Credit Markets

    William Wolcott, Liz

    Credit markets are undergoing an "equitization" trend driven by the rapid expansion of ETFs, which now represent 15% to 30% of daily trading value in investment grade and high yield sectors respectively. This structural shift has attracted new equity-style participants, reduced transaction costs, and demonstrated robust liquidity performance during the 2020 market stress. Moving forward, the market prioritizes sustainability flows, with issuers committing to expanded ESG-focused solutions to meet evolving client demands.