23 Jul 2025
5 minutes
Amid a volatile geopolitical backdrop, risks relating to the US private market and AI disruption have driven big moves in credit markets this year. Co-head of Developed Market Credit, Justin Jewell, and Investment Director, Jared Cook, discuss these themes and consider how credit investors can navigate them.
Our credit experts review how credit markets fared in the first quarter of the year and share the latest scorecards for the global credit universe.
Recent news headlines have driven up scrutiny of private credit market risks and sparked a sell-off in mainstream public credit markets. But market moves mask a divergent picture of risk exposure. Our Multi Asset Credit team explains how credit investors can navigate the risks and take advantage of attractive valuations.
Pressure is building in US private debt as weaker underwriting standards, rising defaults and AI-disruption risks combine to create a perfect storm. In contrast, investors in emerging markets can access asset-heavy borrowers, in deal structures that offer higher senior-secured yields and stronger protections.
Concerns around risk in private markets have prompted a reassessment of the asset class and driven a sell-off across developed credit markets. Yet significant differences in underlying risk mean active investors can find shelter, quality and value in the broader public credit market.
Reflecting on recent developments in the high-yield corporate debt market, Ellie Clapton and Darpan Harar provide pointers on how to identify the most attractive investment opportunities.
Our credit experts review how credit markets fared in the fourth quarter of the year and share the latest scorecards for the global credit universe.
Structural growth drivers remain strong in this increasingly relevant – and in focus – part of the global private credit market. In addition, developments in the renewable energy sector and AI are giving rise to a new cohort of investment opportunities. The deal pipeline continues to expand across the EM universe.
The surge of artificial intelligence is making its mark across financial markets. While runaway valuations – driven by a handful of tech companies – are the main focus in equities, an uptick in tech-sector issuance is the big issue in credit markets and it’s redrawing the investment landscape.
Our credit experts review how credit markets fared in the third quarter of the year and share the latest scorecards for the global credit universe.
Investors in investment-grade bonds have focused purely on yields in recent years, looking past historically tight credit spreads. With yields now falling, the market’s allure could fade, and investors might be in for a bumpy ride.
Our research offers three reasons why the dollar’s upside is limited, while the balance of risks increasingly point lower.
With global portfolios in flux, EM local currency debt deserves a second look. A decade-long structural evolution has reshaped the market and enhanced its investment appeal.
Our credit experts review how credit markets fared in the second quarter of the year and share the latest scorecards for the global credit universe.
Dollar cycles are longer than others because four self-reinforcing forces create inertia. They rarely reverse unless all four turn at once. Trump-era policies, fiscal strain and shifting global capital could trigger such a convergence.
For years, capital has gravitated to the US. A one-way trade powered by tech dominance and economic heft. But as the world tilts on its axis, the next cycle is unlikely to resemble the last, and the investment map is beginning to redraw itself.
Since the start of this year, the highest-yielding (riskiest) parts of the global high-yield market have underperformed. Rather than compromising on risk, investors should find different ways to meet their objectives.
After more than a decade of US dollar dominance, the currency’s extraordinary rally may finally be peaking. For EM debt investors, a weaker dollar could mark a long-awaited shift from headwind to tailwind.
Peter Kent, Co-Head of Fixed Income, argues bond markets are in a new regime – ‘safe havens’ are no longer acting as such, and investors can no longer expect asset classes to behave as they have done historically. As a result, asset allocation approaches need a reboot, and portfolio diversification has never been such a virtue.
Portfolio Manager Matt Christ explains how investments in EM private credit offer both compelling return potential and the chance to make a meaningful contribution to global climate goals.
Market and portfolio insights, webinars & events curated from across our investment teams to help you steer through changing investment landscapes.
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