Opinions

Insight  |  August 3, 2026

Muzinich Weekly Market Comment: It could have been worse

July defied its reputation as one of the year's most dependable months. As geopolitical tensions, AI-related capital expenditure and a more ambiguous Federal Reserve converged, investors increasingly found themselves pricing uncertainty rather than simply fundamentals.

Insight  |  July 29, 2026

Beyond spread: Why Europe’s growing high yield market is creating new opportunities

Much has been made of historically tight spreads in European high yield, with some investors questioning whether the asset class still offers attractive opportunities. Yet a closer look at the resurgence in primary market activity suggests the opportunity set is broader than headline valuations imply, argue Erick Muller and Thomas Samson.

Insight  |  July 27, 2026

Muzinich Weekly Market Comment: Fire

Wildfires, geopolitical tensions and renewed questions over AI investment unsettled markets this week, driving higher oil prices and bond yields while exposing clear differences across credit markets.

Insight  |  July 20, 2026

Muzinich Weekly Market Comment: Center of Gravity

Second-quarter earnings season kicked off last week and seems to have done what the markets needed it to do: provide an anchor of company-specific fundamentals against a backdrop of geopolitical noise.

Insight  |  July 15, 2026

Finding value without reaching for yield

Tight spreads often push investors to reach for yield in lower-quality credit. We think more durable opportunities lie elsewhere – pull-to-par, carry earned without taking on distressed credit risk and seeking out good businesses with good balance sheets that are trading cheap because of temporary disruption.

Insight  |  July 13, 2026

Muzinich Weekly Market Comment: Animal spirits

Despite renewed geopolitical tensions and higher energy prices, investors have remained remarkably resilient. With markets looking through near-term risks and focusing instead on resilient growth, AI-driven demand and a higher-for-longer interest rate backdrop, are animal spirits beginning to reassert themselves?

Insight  |  June 30, 2026

Beyond cash: The case for short-duration crossover credit

As investors seek alternatives to low-yielding cash and rate-sensitive fixed income, short-duration global credit strategies are attracting attention. As investors seek alternatives to low-yielding cash and rate-sensitive fixed income, short-duration global credit strategies are attracting attention.

Insight  |  June 9, 2026

Defined horizons, compelling income: The appeal of fixed maturity portfolios

In a world of shifting rate expectations and persistent volatility, fixed maturity portfolios are re-emerging as a compelling way to capture income, improve portfolio resilience and bring greater certainty to fixed income investing as Joseph Galzerano and Richard Smith discuss.

Insight  |  June 4, 2026

The evolution of private credit: Understanding direct and parallel lending

Private credit is no longer one-size-fits-all. Understanding different lending models can help investors evaluate opportunities and balance risk and return, say Kirsten Bode and Gianpaolo Pellegrini.

Insight  |  May 28, 2026

Paid to wait: double-digit income at a discount in BDCs

Market volatility has created a compelling entry point in Business Development Companies (BDCs), where discounted valuations and resilient fundamentals offer liquid access to private credit, although selective, active allocation remains critical argues Ji He.

Insight  |  May 19, 2026

Rise above the noise

With yields reset and fiscal dynamics evolving, the fixed income opportunity set is changing. Tatjana Greil-Castro examines why participation, compounding and relative balance-sheet strength support a strategic allocation to corporate credit over sovereign bonds. As investors consider their own pension outcomes, short-dated, actively managed corporate credit can offer a defensive entry point with the potential to outpace inflation.

Insight  |  April 23, 2026

Market neutral - Why standing still in credit may carry more risk than investors realise

As volatility returns to credit markets and dispersion increases, a market neutral approach offers investors a way to stay invested while reducing reliance on market direction and capturing relative value opportunities, argues portfolio manager Jamie Cane.

Insight  |  March 4, 2026

Why credit markets offer greater control during disruption

As investors reassess business model durability, capital intensity and long-term monetisation, market narratives have become more volatile and polarised.

Insight  |  February 19, 2026

Discipline among disruption – private credit investing in the age of AI

AI is forcing investors to rethink business models and the embedded risks. For private credit, distinguishing durable cash flows from disruption risk has become critical, argue Rafael Torres and Gianpaolo Pellegrini.

Insight  |  February 17, 2026

Asia Pacific private credit - Complexity creates opportunity

Supply chain reconfiguration, infrastructure needs and divergent banking behaviour are reshaping demand for capital, creating a landscape where complexity, selectivity and structure are defining the private credit opportunity set, argues Andrew Tan.

Insight  |  February 4, 2026

US private credit - The lower middle market - the one less travelled by

In an environment of heightened competition and macro uncertainty, the lower middle market stands out as a structurally underserved segment in private credit, offering greater control, stronger protections and more resilient returns, argues Jens Ernberg.

Insight  |  January 29, 2026

Opportunities beyond the crowded core

In an increasingly competitive market, disciplined execution and a focus on the lower middle market remains critical to preserving capital and long-term returns, argue Kirsten Bode and Rafael Torres.

Insight  |  January 21, 2026

Private debt in 2026 - The underserved rises

In a fragmented global economy, our heads of Private Debt across Pan-Europe, the US and Asia Pacific discuss the five key themes they expect to characterise the market in 2026.

Insight  |  December 17, 2025

All-weather resilience - 2026 emerging markets outlook

Emerging market credit enters 2026 supported by easing geopolitical risks, stable fundamentals and relatively appealing valuations, offering selective investment opportunities argues Warren Hyland.

Insight  |  December 16, 2025

Roll down and Carry on - Credit investing in 2026

Tight credit spreads and strong fundamentals support disciplined positioning, favouring carry and high yield exposure to capture returns while managing risk, argue Erick Muller, Mike McEachern and Tatjana Greil-Castro.

Insight  |  November 25, 2025

Parallel lending: A disciplined path to resilient credit

By aligning with regulated bank standards, we believe parallel lending offers a transparent and resilient alternative within a market under increasing scrutiny, argues Gianluca Oricchio.