The last year has seen not only a record issuance of debt, but also a continuation of falling yields across ratings. And with little indication of change in public markets, investors are pivoting to private and securitized debt as asset managers raise record sums. However, while dislocation has created opportunity and premium above similar public credit, the main risks are fading stimulus, rising defaults, and slower than expected return to pre-COVID revenue. How can investors secure adequate yield without overextending risk in a volatile market?