SPGI Research & Market Analysis Hub

S&P Global (SPGI) is undergoing a significant strategic transformation, headlined by the spin-off of its Mobility division amid a shifting capital markets landscape. While mid-May 2026 data shows a 56% collapse in leveraged loan volumes, SPGI’s index business remains a pillar of strength, with S&P index-linked ETF AUM growing by 34% and derivative volumes increasing by 22%. The firm’s ratings segment is poised to benefit from a recovery in global debt issuance, which surged 66% year-over-year in April 2026, supported by an 86-89% correlation between revenue and debt volumes. Key tailwinds include a $5 trillion refinancing wall through 2029 and increasing demand for AI infrastructure funding. However, macro-sensitive segments face headwinds from potential Fed rate hike rhetoric, despite a 48-month high in US manufacturing PMI. Ultimately, the outlook for SPGI remains positive, bolstered by opportunities in private credit ratings and rebounding M&A activity.