In this 2026 Outlook discussion, our experts across High Yield, CLOs, Investment Grade and EM Debt cover:

- Where they see value (against a backdrop of historically tight spreads)

- How megatrends like AI proliferation are creating opportunities (and risks)

- Their personal “bold predictions” for the year ahead

Panelists:

Brian Pacheco – Global High Yield

Adrienne Butler – Global CLOs

Charles Sanford – Investment Grade Credit

Cem Karacadag – Sovereign Debt & Currencies

Episode Segments:

(01:01) – 3 macro trends shaping the landscape for fixed income

(03:50) – The case for staying invested in high yield in 2026

(07:09 – Potential risks to high yield

(13:35) – Megatrends shaping the high yield landscape

(15:10) – Brian’s bold prediction on high yield

(17:09) – Why CLOs are at the center of credit market innovation

(21:51) – Who is investing in CLOs and how that’s changing

(26:08) – How lower rates may impact CLOs

(28:32) – The ebb and flow of broadly syndicated loans vs private credit

(29:56) – Adrienne’s bold prediction for 2026

(31:49) – Is Microsoft paper higher quality than the US government?

(35:22) – Risks of AI capex to investment grade companies

(39:17) – Opportunities in less-trafficked areas of IG

(41:28) – Sizing up the opportunity in IG credit in 2026

(43:40) – Charles’ bold prediction of IG credit for 2026

(45:49) – Analyzing value in EM debt and currency markets

(49:06) – EM spreads are tight… so what?

(51:20) – Two value opportunities in EM

(53:57) – Cem’s bold prediction for EM for 2026

Make sure to follow our LinkedIn newsletter, Where Credit is Due to stay up-to-date on our latest public & private credit market insights.

IMPORTANT INFORMATION

Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses.

Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”).

NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy.

Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information

Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.

Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.

25-4957534