All High Yield articles
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White papersAI financing: Bubble, breakthrough or the next fixed income supercycle?
AI represents a major investment cycle with distinctive financial foundations. In this paper, fixed income portfolio manager Sandro Lazzarini and analyst Theo Pan compare current AI financing to previous cycles and ask whether it could represent the next supercycle for bonds.
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White papersFrontier Bonds: An enterprise worth exploring
Their high yields attract attention, but the diversification potential of frontier bonds deserves equal billing. Under-researched economies, domestic investor bases and reform momentum create opportunities for investors prepared to look beyond familiar markets, explains Witold Bahrke, Senior Macro and Allocation Strategist at Global Evolution.
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White papersFixed Income Perspectives
Fixed Income Perspectives outlines the current macro and market views from across Capital Group’s extensive fixed income team and offers insights on investors’ bond exposure against an ever-changing backdrop.
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White papersCore Matters: 5-year returns forecasts - The return of carry
Global stocks look like they will enjoy another above-10% gain in 2026, for the fourth year in a row; at +13% year-to-date, the MSCI World has been less brilliant than in the past three years (respectively +22%, +18% and +22%), but that still caps an exceptional decade that will have seen the total return index more than triple.
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White papersHigher income, broader opportunity: Quick takes on capital markets
Elevated yields and resilient fundamentals have broadened the opportunity set across fixed income markets. Notably, the combination of higher yields and generally sound credit conditions has expanded the range of sectors capable of generating attractive income. While selectivity remains important, income is contributing more meaningfully to portfolio outcomes across the fixed income landscape.
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White papersMeasuring risk in the private credit markets
The direct lending market has experienced significant growth and has become an important part of institutional investors’ portfolios, offering potentially attractive risk-adjusted returns with higher current income than most fixed income alternatives. For middle market direct lenders (“MMDLs”) such as Principal Alternative Credit (“PAC”), the ability to properly analyze the underlying risk profile of a borrower and protect against principal loss is the primary determinant of future returns.
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VideoDeep dive on CLO equity investing
Alyssa Irving, Fixed Income Portfolio Manager, discusses the CLO equity asset class, highlighting its diversification potential, risk-return dynamics, and the crucial role of managers.
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PodcastReading Between the (Credit) Lines: What it Takes to Succeed in Credit Research
Stephanie Foster, Senior Credit Research Analyst, discusses the importance of a consistent analytical process in credit research, the role of intuition and judgement, and the evolving nature of the finance industy. She emphasizes the need for networking, adaptability, and promoting the industry to younger generations.
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VideoHigh Yield’s Quality Upgrade
In episode 3, Joe Lynch, Global Head of Non-Investment Grade Credit, looks at what’s behind today’s attractive yields and how the below-investment-grade market has changed over the past 15 years. He discusses why he believes those yields may remain durable and why credit risk continues to be the key risk for investors.
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VideoAI Financing Is Reshaping Corporate Credit
In episode 2, David Brown, Global Co-Head of Investment Grade and Multi-Sector, looks at the next phase of AI financing. As borrowing extends beyond the hyperscalers, what could change for corporate credit investors?
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White papersOil shock; six months on, the EM debt bid remains strong
In April, we argued that emerging markets (EM) fixed income was better positioned to withstand the oil shock than it had been in 2022 and that we believed the asset class was poised for a strong rebound if de-escalation occurred within a relatively short time frame. De-escalation took longer than ...
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White papersSystematic fixed income: Bringing diversification benefits to credit portfolios
Systematic credit is still a small part of fixed income, but its portfolio role is growing. For credit allocators, it can offer a disciplined and differentiated source of diversification.
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PodcastReal Rates, Repriced Credit and the Case for a Short Fed Cycle
The Fed has turned hawkish, and the market is now pricing several more hikes. Our fixed income team isn’t convinced. Core U.S. inflation is still drifting lower, most of this year’s yield move has come from real rates rather than inflation expectations, and the disinflation case remains intact — all of which argues for a shorter path than consensus expects.
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White papersBeyond the yield: The strategic role of euro high yield
As credit portfolios expand beyond traditional public markets, investors are becoming more deliberate in how they allocate risk. In this context, euro high yield (EUR HY) has evolved from a satellite exposure into a core allocation, valued for its ability to deliver income while preserving liquidity and transparency.
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PodcastEuro short-duration bonds: Potential for stability and steady income
Euro short-duration credit strategies maturing in under three years have the potential to limit sensitivity to interest-rate rises, help control drawdowns during volatile periods and provide stability and steady income. The deep and liquid short-duration Euro fixed income market accounts for about one-third of the Euro investment-grade universe, or approximately €1 trillion in nominal value.
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White papersDispelling the myths of infrastructure debt
Investors have historically turned to infrastructure as a resilient private markets asset class. Many institutional investors focus on the equity side of the capital structure to generate yield with potential upside but often overlook the debt side.
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PodcastNordic high-yield bonds can offer diversification, lower duration and limited volatility
The Nordic high-yield bond market has grown significantly in recent years to about 15% of the European market. Anna-Karin Hempel, a Senior Portfolio Manager in the Fixed Income team at Alfred Berg, part of the BNP Paribas Group, points out to Chris Iggo, a member of the Investment Insights team at BNP Paribas Asset Management, that the Nordic region is politically, socially and economically stable – a big positive for industries and companies.
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White papersUS high yield: Selective opportunities in a bifurcated economy
The last few months have not been straightforward for fixed income markets. As oil prices surged amid the Middle East conflict and inflation expectations rose, markets repriced the potential path of monetary policy.
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White papersHigh Yield Has Changed. Have Perceptions Kept Up?
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 papersCutting through the noise: Why lower and core middle market direct lending still delivers value in clients’ portfolios
Private credit has become one of the most discussed corners of institutional investing — and one of the most misunderstood. Daily headlines about troubled borrowers, struggling business development companies (BDCs), redemption pressure, and concentrated software exposure have created the impression of a market under stress. But beneath the noise, the lower and core middle market direct lending segment that has historically powered investor outcomes is performing well, behaving as designed, and, in our view, is about to deliver one of its most attractive vintages in years.
