Fred Orlan

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.