Market Insight | View from Apollo
January 27, 2026

Convergence: The Integration and Evolution of Credit Markets

Share

In This Episode

avatar

Partner

avatar

Partner

About the Author

avatar

Partner

avatar

Partner

Share
Download PDF

Brian Weinstein and John Cortese ask if the convergence of public and private represents the biggest shift in credit market history and discuss what these changes can mean for portfolios and investors.

In this episode of The View From Apollo, we introduce Convergence, a new recurring series featuring a running conversation about the evolution and integration of public and private credit markets.

In today’s show,  Brian and John debate how the macro situation, liquidity trends and other factors are affecting allocations and investment decisions at a time of unprecedented change in global credit markets.

The View from Apollo features conversations with thought leaders across Apollo and portfolio companies of funds managed by Apollo, each bringing their unique perspectives on current macroeconomic trends, the impact to various businesses and what it can mean for investors.

Subscribe Today on Spotify

Read the Whitepaper
Convergence: Insights on Fixed Income Replacement

Key Takeaways:

  • Traditional fixed income portfolios are being reshaped by structural shifts in liquidity, regulation and investor needs.
  • Certain segments of public credit markets have become more liquid but less differentiated: spreads are compressed, benchmarks are highly concentrated and the scope for active alpha has become limited.
  • Meanwhile, private credit, once synonymous with middle-market direct lending, has evolved into an estimated $40 trillion global market, the majority of which is investment grade.
  • In this new environment, the integration of public and private credit—the fixed income replacement framework—can enhance return potential, improve portfolio efficiency and align liquidity with investors’ long-term objectives. 
Download Whitepaper
Market Insight | View from Apollo
January 27, 2026

More Episodes


                                   Recommended For You