Sponsors, spreads and stress testing: Navigating 2026’s rate reset

Let's pivot to a question about teamwork.

In these high pressure situations, which we currently find markets confronting us with, Brian, where do teams get tripped up and what's the best way to navigate that when time is a constraint getting a deal into market?

Well, so JP Morgan, we've got almost 30% lead-left market share in leveraged loans and high-yield bonds.

And we've been the dominating force in those markets for the better part of 40 years in loans and almost 20 years in the high-yield market.

What allows us to stand apart is our capability and our ability to execute transactions in good times and bad times.

We're so constantly in market, we just know how to get deals done, how to be smooth, how to be efficient, and how to navigate through transactions the bumps and twists and turns that naturally will happen in any situation.

So I think with a JP Morgan, you just have experience that nobody else can bring to the table.

That makes a lot of sense.

Thanks, Brian.

For you, Kim, cross-asset collaboration, you span so many different products and spaces in the global sponsor community.

What does the best sequencing look like when cross-asset collaboration works the best across the bank?

So Ben, to answer that question and also to pull on some of what Brian had noted, one of the things that you clearly see as a strength of JPMorgan is the ability to assemble a team across asset and across regions to deliver solutions.

So increasingly, we're trying to move to a solution oriented business versus an asset class aligned or product aligned business.

And in doing so, you know, I think we hopefully create more value, think through different questions to ask and also, you know, show different alternatives, right, for people to evaluate when they're coming to market.

And that doesn't necessarily mean taking a lot more time.

Actually, I'd like to build on something Kim just said.

In Leverage Finance, we talk about a vineyard mindset, but we also talk about providing our customers with the financing that they need.

A lot of times, companies will come to us and believe they need a financing alternative in high yield.

We will show them converts.

We will show them private credit.

We will show them straight equity raise.

We are product agnostic.

The way we've set up our capital markets desk is literally to be as flat as possible.

We sit on the same floor in leverage finance as converts, as common equity, as Kim and her rates team.

We want to provide our clients with exactly what they want as opposed to what we think they want based off of the capabilities that we have in whichever team is making the pitch.