Exploring the growing impact of non-US investors in global dollar markets.
In the latest episode of "Credit Matters", Jonathan Anderson, Global Head of Debt Syndicate and US DCM at SMBC Nikko Securities America, joins Shankar Ramakrishnan and Bruce Clark to discuss the growing influence of Asian and Middle Eastern investors in US dollar fixed income, including Reg S markets and how liquidity and attractive yields support demand.
They address whether “sell America” narratives after Liberation Day tariffs and the Iran war showed up in order books, and explore the impact of diverging global monetary policy, including Bank of Japan changes.
The conversation covers surging emerging market issuance, risk sentiment and spread behavior, funding diversification across currencies, record Reverse Yankee and “kangaroo” activity, concentration-risk concerns, strong M&A financing volumes, and private credit/BDC market support, plus how syndicate execution has become faster and more efficient and how AI may augment junior roles.