NYAIR Episode 72
Current Trends in the Credit Market & Their Broader Implications
The NY-AIR podcast peels back the layers of today’s credit markets with two industry leaders. Explore the latest on alternative credit, structured products, risk strategies, and how modern managers are finding opportunity amid uncertainty. From market dislocations and inflation to the new era of ESG and illiquidity premiums, this episode delivers exceptional intelligence for credit-focused professionals.
Featured Guests
Denise Crowley
Head of Structured Investments, ZAIS Group
A pioneer in alternative credit, Denise brings 25+ years of deep portfolio expertise across high-yield, structured products, and CLOs. As Head of Structured Investments at ZAIS Group, she is renowned for innovative credit analytics and leading the firm’s expansion into complex structured finance, consumer lending, and real estate. Denise’s leadership has shaped major market cycles; she’s a frequent speaker at global institutional conferences and an advocate for robust ESG frameworks in credit investing.
Michael Haynes
Portfolio Manager & Head of Private Credit, Beach Point Capital Management
Michael helms private credit and portfolio strategy at Beach Point, overseeing billions in assets across hedge funds, private equity, and structured debt. With decades of experience—including leadership at Post Advisory, Sirius Satellite Radio, and Babcock & Brown—he excels at capitalizing on market complexity and identifying distinctive opportunities in distressed, direct lending, and cross-market arbitrage. Michael’s work has directly influenced sector innovation and investor outcomes across credit’s evolving landscape.
Key Insights From This Episode
Alternate Credit Delivers Hidden Alpha
Both managers reveal that the most compelling credit returns now reside in less-liquid, complex segments—such as CLO equity, subordinate tranches, and bespoke private debt deals—where structural knowledge creates meaningful outperformance.
Market Dislocation Breeds Opportunity
2020’s market crisis created “once-in-a-career” entry points for flexible managers who could move quickly and underwrite top-quality assets at deep discounts, with recent years pivoting opportunity toward unique, idiosyncratic distressed credit.
Inflation, Rates, and Real Returns
Tight valuations in liquid markets mean true risk-adjusted opportunity is in illiquidity and complexity premiums. Both guests warn: real (post-inflation) yields remain a challenge, making security selection and structure more critical than ever.
ESG Now Core to Credit Underwriting
ESG integration has moved from marketing to core process. Managers who embrace real sustainability analysis can both access better credits and command lower cost of capital, while laggards face shrinking investor demand and capital access.
Global Scope, Local Expertise
Success means staying focused on developed markets—primarily the US and select Western European jurisdictions—while using sector expertise to unlock value in gaming, leisure, housing, and select niche asset financing.
Access the Full Conversation
Access exclusive, actionable strategies by listening to the complete NY-AIR episode and downloading your custom insights deck. These resources are tailored for financial services specialists focused on outperforming in today’s unpredictable credit environment. Leverage these perspectives to make smarter allocations—and convert complexity into opportunity.
Soundbites Worth Saving
“It’s not about being defensive, but selective—illiquidity and complexity are the only premiums that still pay you in this market.”
— Denise Crowley
“When markets are volatile, they become less liquid. The big opportunities now? Private deals with multi-year horizons and robust credit safety.”
— Michael Haynes
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