Show Notes
In volatile markets, trade-offs sharpen: pay for certainty now, or preserve flexibility for later. In this episode of Making Sense, Ben Berkey from the corporate derivatives franchise talks with Brian Tramontozzi, head of North American Leveraged Finance Capital Markets, and Kim Hernas, global head of Sponsor Private Side Sales, to discuss how leveraged finance and private markets are weighing these trade-offs in a higher-for-longer rate environment. They discuss how higher base yields are affecting leveraged loan and high-yield markets, and what spread behavior across rating tiers may be signaling. They also explore the evolving sponsor toolkit — back leverage and beyond — and how sponsors are reassessing holding periods, liquidity needs and risk management.
This episode was recorded on October 13, 2026.
This material was prepared by certain personnel of the investment banking group of JPMorgan Chase & Co. and its affiliates and subsidiaries worldwide and not the firm’s research department. It is for informational purposes only, is not intended as an offer or solicitation for the purchase, sale or tender of any financial instrument and does not constitute a commitment, undertaking, offer or solicitation by any JPMorgan Chase entity to extend or arrange credit or provide any other products or services to any person or entity. © 2026 JPMorgan Chase & Company. All rights reserved.
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