With tight spreads and a steepening yield curve, we see the most value in lower-beta spread products and high-quality securitized assets.

High yield bonds and loans both offer attractive opportunities for credit pickers given high income, supportive fundamentals and strong investor appetite.

Strong performance plus new capital has meant a buoyant market. There’s further to go.

Funding ratios rose again in 2022, putting plan sponsors in another surprisingly strong position. But with critical decisions looming, de-risking and diversification are paramount.