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1、1The information herein is provided for educational and discussion purposes only and should not be construed as financial or investment advice,nor should any information in this document be relied on when making an investment decision.Opinions and views expressed reflect the current opinions and vie

2、ws of the authors and Apollo Analysts as of the date hereof and are subject to change.Please see the end of this document for important disclosure information.January 2025 John Cortese,Partner,Global Head of TradingRob Bittencourt,Partner,Corporate CreditAkila Grewal,Partner,Global Head of Credit Pr

3、oductShobhit Gupta,Managing Director,Corporate CreditTal Barak Harif,Principal,Head Credit Writer2025 Credit Outlook:Defying GravityKEY TAKEAWAYS Following the strong performance of 2024,credit markets are entering 2025 in a solid position.While at first glance,it may appear that risks are one-sided

4、 given spreads are near multi-year tights across several segments of the credit market,we expect the fundamental and technical backdrop to remain strong.Still,we believe there could be some headline risk associated with the implementation of the incoming US administrations policiesfrom tariffs,immig

5、ration,and fiscal policywhich could potentially inject more volatility into markets.We expect the relationship between banks and private credit firms will continue to turn more symbiotic through strategic alliances.Initially targeted at the sub-investment grade market,we expect these partnerships wi

6、ll eventually extend to investment grade(IG)companies as well:While public IG funding is widely accessible,the lack of flexible financing solutions available today can create an opportunity for private credit providers.Another key theme for the new year will likely be the rising demand for data cent