Ian Norden, CEO of Intengo Market, returns to Ghost Stories to talk about the sector of the market that he is passionate about: listed and private credit.

Corporate credit (or "debt" from the company perspective) is a key source of funding for companies and can drive higher returns for equity investors if used properly. For investors in these credit instruments, optimising yield and risk are key. 

But as we observe a world of shrinking public issuance and growing demand for yield, will private credit be able to address this imbalance and fill the gap?

Intengo sits at the coalface of this industry, building the data and workflow systems that allow private credit markets to scale responsibly, transparently and efficiently. They are playing the crucial role of building sonar in a market where you'll find private credit sitting below the surface. 

Key themes covered:

• Private credit vs listed credit — and why the distinction matters
• Why credit markets are buy-and-hold by design
• Supply–demand imbalances in South African debt markets
• The rise of hedge funds and alternative assets
• Data, complexity, and the future of private credit infrastructure
• What private credit growth signals about economic growth