AJ Murphy
Showing 1–2 of 2 transcripts.
- Milken Institute58 min
What's Next in the Hunt for Yield in Credit?
Justin Baer, Michael Buchanan, Robert Kricheff, AJ Murphy, Fred Orlan, Christian Stracke, Mike Buchanan
A panel of financial experts assessed the current credit cycle as entering its latter innings, citing record corporate debt levels and a flattening yield curve alongside a shift toward a more volatile market environment without a near-term recession. While high-yield issuance has slowed and leveraged buyout ratios have climbed, strategists note that passive ETF flows are distorting prices and creating crowding risks that favor active management. The discussion concluded with recommendations to pivot toward floating-rate loans, senior CLO tranches, and specific distressed opportunities to navigate the asymmetrical risks of the current macroeconomic landscape.
- Milken Institute58 min
The Hunt for Yield: Risk-Free Return or Return-Free Risk?
James Mackintosh, Scott Evans, Robert Kricheff, AJ Murphy, Anne Walsh, Andrew Whittaker, James McInstosh, Bob Krychev
A panel of institutional investors and asset managers characterizes the fixed-income market as being in a late-stage bull phase with historically tight spreads, prompting a strategic shift toward defensive positioning despite a consensus that the environment remains distinct from the speculative excesses of 2007-2008. While participants are reducing exposure to overvalued assets like U.S. agency mortgage-backed securities and wary of liquidity risks from passive investing and covenant-lite debt, they continue seeking yield premiums in sector-specific opportunities such as second-lien loans and selective high-yield issuers. This cautious approach reflects concerns that corporate leverage remains elevated and that potential macroeconomic catalysts, including fiscal policy changes and geopolitical shifts, could abruptly alter the trajectory of an otherwise extended credit cycle.