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The Insight by Oaktree Capital
Conversations: Credit Picker’s Market with Wayne Dahl, Robert O’Leary, and Mark Jacobs
Oct 5, 2023
Wayne Dahl, Robert O’Leary, and Mark Jacobs discuss credit investor strategies in a volatile interest rate environment, attractive sectors for opportunistic credit investors, misconceptions about the commercial real estate market, and the opportunity to buy high-quality assets at discounted prices.
29:25
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Quick takeaways
- Despite the volatile interest rate environment, high-yield bonds have performed well and outperformed, with credit spreads compressing to offset the impact of rising interest rates.
- Opportunistic credit presents opportunities as liquidity deteriorates and a significant maturity wall approaches, emphasizing the need for credit selection and dynamic asset allocation to navigate default rates and impairments.
Deep dives
Insights on the Volatile Interest Rate Environment
The podcast discusses the recent shifts in the yield curve and how it reflects investor expectations. The market has experienced wild swings in short interest rates throughout the year, making it challenging to forecast interest rates and inflation. The market now expects interest rates to be higher for longer, leading to a slow shift higher throughout the year. Despite the volatile interest rate environment, high-yield bonds have performed well and outperformed. Credit spreads have compressed, offsetting the impact of rising interest rates.
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Discover
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