Borrowing costs for corporations worldwide are approaching record lows. How long can this continue? Quantitative easing and long-term refinancing operations have averted the fear of business failures. Nevertheless, does the slow recovery in the developed world and the potential for related decreases in developing market growth rates mean we'll face an even higher wall of debt maturities in the future? Beyond the current wave of refinancing, will companies have trouble getting new loans, spurring further defaults and bankruptcies? What is the relation between sovereign debt and corporate debt challenges? Will the growing need for government refinancing ultimately overload debt markets?
Co-Founder and Senior Managing Director, Apollo Global Management LLC
Managing Partner and Chief Investment Officer, GoldenTree Asset Management
Chief Investment Officer, Brevan Howard Credit Catalysts Fund