Lotfi Karoui
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From the pages of The Credit Market Lens to the Accrued Interest microphone, Lotfi Karoui joins host Greg Hall to explore why the focus on direct lending may be overshadowing the structural themes important to the future of credit markets.
Higher earnings forecasts across corporate credit have raised the bar for second-quarter reporting, while AI hyperscaler capital spending is poised to continue to drive the narrative.
Higher rates, weaker underwriting, and software concentration are exposing vulnerabilities in direct lending and leveraged loans, while high yield bonds appear better positioned.
A widening confidence gap in non-traded investment vehicles is testing private credit valuations, sharpening the case for manager selection and diversification beyond direct lending.
Why emerging market bonds are delivering the best risk-adjusted returns in fixed income, and what it means for multi-asset portfolios in 2026.
A rigorous framework anchored in asset-based finance helps define the actual scale and scope of the opportunity.
Behind the recent rally in energy credit lies a multi-year story of management discipline, restrained capital spending, and sector consolidation.
Structural pressures from the AI buildout are real, but they are growing slowly, not driving the yield moves investors are watching right now.
With spreads tight and dispersion rising, the tools investors use to judge performance matter more than ever.
Today’s AI financing wave looks more disciplined than past infrastructure investment booms, yet it still demands selectivity.
AI-driven capex is widening the gap between opportunity in equities and risk in credit.
Increasing the frequency of marks does little to improve transparency or accuracy in private credit when prices are not anchored to observable, market-based transactions.