With a global recession looming, many factors point to increased demand for ECA financing and liquidity. Banking regulation on long-dated, liquid loans has had severe implications on available bank liquidity and the cost of funding, paving the way for institutional investors, asset managers and secondary market distributors to step in. While better placed to pick up the slack, what are these investors thinking in the current environment, and what is their appetite for ECA backed debt? How does this compare to other asset classes including bond markets? In the current landscape of continued uncertainty, how much capacity do investors have for new risk?