Apollo CEO sees value shifting to debt from equity as rates rise

Rising interest rates will trigger a shift in the balance of value from equity to debt over the next few years, according to Apollo Global Management Chief Executive Marc Rowan. Rowan noted that every time refinancing occurs, debt holders are not only receiving higher rates, but are also in a position to demand equity holders contribute more capital to maintain ownership stakes in assets. Rowan's remarks, made at the Global Financial Leaders’ Investment Summit in Hong Kong on No…