All Credit articles
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VideoMike Freno on Bloomberg TV
Chairman and CEO Mike Freno joined Bloomberg’s Romaine Bostick and Katie Greifeld at the Milken Institute Global Conference for a discussion on market volatility, private credit and how Barings is positioned as client needs continue to evolve.
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White papersInfrastructure Debt: A Compelling Private Credit Portfolio Addition
Updating existing infrastructure and building new assets to accommodate increased mobility, digitalization and the continued transition to new and cleaner sources of energy will require $106 trillion in funding by 2040, according to McKinsey estimates. With government budgets stressed, private capital — including debt capital—will be necessary to meet this goal.
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White papersQ1 2026 Private Credit Quarterly Review and Outlook
In our latest quarterly review and outlook, MetLife Investment Management explores how private credit markets delivered resilient performance amid a more volatile macro environment, with stable spreads, strong origination activity and continued investor demand for high-quality, well-structured assets.
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White papersEM debt: reading the shock and finding opportunities
Emerging markets debt performance is ultimately driven by a combination of global and domestic forces. Global and domestic conditions set the backdrop against which capital flows, borrowing costs, and currency dynamics are determined, while domestic policy credibility and market structure decide whether countries can absorb external shocks or amplify them.
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White papersPrivate Credit and BDCs: Why the Sell-Off Tells an Incomplete Story
We believe the private credit market is much more diverse—and resilient—than the recent focus on corporate direct lending and BDCs would suggest.
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White papersNavigating AI in Credit: How to Find the Winners in Tech
Welcome to this month’s edition of Where Credit is Due—a newsletter from Barings recognizing value across the people and portfolios shaping credit markets today.
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White papersStructure, not risk, driving US and European private credit divergence
Recent private credit repricing within the software sector has prompted wider questions about the asset class. However, amidst this repricing, the European market has proven far more resilient than the US. Why has this been the case? We suggest the answer lies in the structural, not risk-based differences that exist between these markets.
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VideoPrivate Credit Roundtable (3/3): Where AI-driven infrastructure is creating credit opportunities
As AI drives demand for datacenter infrastructure, new opportunities are emerging across private credit. Our panel examines how this buildout could influence the market in the final episode of the private credit roundtable series.
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VideoPrivate Credit Roundtable (2/3): How investors are assessing today’s credit cycle
Recent defaults have raised questions about the state of the credit cycle. In part 2 of the private credit roundtable series, our investors discuss whether these are early warning signs or simply pockets of dislocation.
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VideoPrivate Credit Roundtable (1/3): What the return of banks means for investors
As banks begin to re-enter the market, what does it signal for private credit? In part 1 of the private credit roundtable series, our panel explores where this is happening and the potential implications for investors.
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White papersCLOs: Opportunity Amid Growing Dispersion
Dispersion and volatility have reshaped relative value across the CLO market. Structural protections and floating‑rate exposure remain supportive, but outcomes increasingly depend on credit underwriting, manager discipline and an ability to navigate a more selective opportunity set.
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White papersLooking Inside Today’s High Yield Market
High yield investors are navigating a more complex backdrop, but fundamentals remain resilient and income continues to look compelling. Markets have absorbed a steady stream of risk events, but the environment calls for discipline rather than complacency.
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White papersLooking Inside Today’s High Yield Market
High yield investors are navigating a more complex backdrop, but fundamentals remain resilient and income continues to look compelling. Markets have absorbed a steady stream of risk events, but the environment calls for discipline rather than complacency.
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White papersEM Corporate Debt vs EM Sovereign Debt: “Same same but different”
Many investors approach EM hard-currency debt primarily through sovereign bonds, often overlooking corporate credit. This bias reflects sovereigns’ greater liquidity, familiarity, and longer track record. Yet, while EM corporate credit has delivered comparable returns over time, it has historically produced a stronger risk-adjusted returns profile - making a compelling case for blending both asset classes in a well-diversified portfolio.
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White papersConsumer delinquencies pose limited risks to financial stability
The conflict in the Middle East has triggered a renewed surge in gasoline prices, adding pressure to U.S. consumers already facing the highest credit delinquency rates since the Global Financial Crisis. Combined with a steady rise in consumer credit stress, these developments have heightened concerns that systemic financial vulnerabilities may be emerging, particularly in securitized credit markets. Investor worries have been further heightened by recent high-profile bankruptcies, including U.K. lender MFS in February, and First Brands and Tricolor in 2025.
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PodcastManaging AI Risk in Credit Portfolios
Technology sector analyst, Brad Lewis unpacks how AI is impacting the outlook for credit markets across software and other sectors. He provides insight into the Barings’ team’s framework for parsing winners from losers, and talks about what’s next for AI.
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White papersFrom punitive to proportionate: Solvency II reforms explained
Regulatory change rarely creates opportunity this quickly, but the July 2025 Solvency II reforms may be the exception. For European insurers that have avoided securitised credit for over a decade due to punitive capital treatment, the landscape is shifting in a meaningful way. With the U.S. securitised market offering immediate scale, compelling spreads, and decades of resilience data, the case for acting early is strong. Download the full paper to explore the investment thesis and what it means for portfolio construction today.
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White papersAI’s growing influence on fixed income markets
The excitement engulfing artificial intelligence has been very much focused on equity markets — with the likes of the tech-heavy Nasdaq index hitting multiple fresh highs over the past 12 months.
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White papersThe role of asset-backed securities in pension scheme LDI portfolios
Historically, the US securitised credit market has demonstrated strong risk-adjusted return outcomes, often decorrelated to traditional fixed income assets. When blended into LDI portfolios there is the opportunity to enhance collateral waterfall liquidity while improving risk/return dynamics.
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White papersAddressing and Demystifying Risk in Senior Construction Lending
Although real estate construction lending is sometimes perceived as one of the riskier segments within the credit markets, we believe well structured and properly monitored senior construction loans tend to exhibit strong risk mitigating features.
