Credit Outlook: Pricing Risk in a Fragmented Credit Cycle

Credit markets are increasingly shaped by dispersion rather than broad macro direction, with risk and opportunity varying widely across issuers, structures, and liquidity sources. Panelists will explore how investors assess credit risk, pricing, and refinancing amid fragmented public and private markets, and how Treasury market dynamics influence liquidity, spreads, and funding conditions. The discussion will focus on how credit portfolios are being constructed today, where risk is actively managed, and where compensation may fall short as market structure increasingly drives outcomes. Where is credit risk being mispriced as liquidity becomes more episodic? How are leading investors building resilient credit portfolios when market structure—not just fundamentals—shapes performance?