Crunching credit podcast – April 2026

We examine a difficult recent period for global credit markets, with negative returns across regions, wider spreads and sharply higher yields. Escalating conflict in the Middle East pushed energy prices higher, reignited inflation pressures and forced central banks to cool expectations of near‑term rate cuts.

Against this backdrop, this episode explores how issuers adapted to volatility. Landmark transactions from Electronic Arts, Sealed Air and Herbalife showed that while primary markets remain open, execution now depends heavily on timing, structure and covenant strength, with investors demanding meaningful concessions.

Stephen Tapley, Senior Fund Manager, and Ewan McAlpine, Investment Director, break down the key trends and stories currently shaping global credit markets.

Recorded: 22 April 2026
Duration: 14 mins

The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.