Barings

Head of Public Fixed Income, Martin Horne discusses the current opportunities and risks in public fixed income markets and compares today's macro backdrop with those faced in prior economic slowdowns.

Global Head of Public Markets, Martin Horne discusses the current opportunities and risks in public fixed income markets and compares today's macro backdrop with those faced in prior economic slowdowns.


Putting Today's Fixed Income Markets in Context

Head of Public Fixed Income, Martin Horne discusses the current opportunities and risks in public fixed income markets and compares today's macro backdrop with those faced in prior economic slowdowns.


From high yield and private credit, to real estate and emerging markets,&nbsp;Streaming Income&nbsp;takes you beyond the headlines—providing insight into less efficient markets through conversations with the experts investing in them every day.

Streaming Income - A Podcast from Barings

Barings' David Mihalick and Martin Horne discuss the blurring lines between public and private credit markets and the implications for asset managers, borrowers and investors. Episode Segments:(03:17) – What’s driving the blurring of lines between public &amp; private credit?(09:47) – The ebb and flow between the public and private loan markets(14:22) – What happens when we hit an economic cycle?(19:17) – The benefits of investing across public &amp; private markets(23:42) – Why Barings combined its public &amp; private asset-backed groups(26:10) – How borrowers choose which market to issue into(33:22) – Thinking about the interplay between public &amp; private markets(36:30) – How asset managers need to evolve alongside investors and markets IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 24-3908137

Barings' David Mihalick and Martin Horne discuss the blurring lines between public and private credit markets and the implications for asset managers, borrowers and investors.

The Blurring Lines Between Public & Private Credit Markets

Michael Searles, Head of North America – Capital Solutions, explains why capital solutions strategies are garnering increased interest from institutional investors looking to diversify their private credit allocations and gain access to potentially uncorrelated returns. Episode Segments:(05:42) – How Barings defines Capital Solutions strategies(08:50) – Targeting a premium over direct lending through customization(12:14) – The evolution from Special Situations to Capital Solutions(20:32) – The opportunity in the insurance segment today(24:54) – The attraction of structured asset-backed finance(27:50) – Sourcing assets: From marinas to litigation finance &amp; beyond(32:41) – Questions to ask managers about Capital Solutions strategies Certain statements about Barings LLC made by the participants herein may be deemed to be “testimonials” or “endorsements” as those terms are defined in rule 206(4)-1 under the Investment Advisers Act of 1940, as amended. Participants were not compensated in connection with their participation in this program, although in certain cases they are investors in Barings LLC sponsored vehicles. These investments subject such participants to potential conflicts of interest in making the statements herein. IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 24-3846128

Michael Searles, Head of North America – Capital Solutions, explains why capital solutions strategies are garnering increased interest from institutional investors looking to diversify their private credit allocations and gain access to potentially uncorrelated returns.

Demystifying Capital Solutions Strategies

Kelly Burton sheds light on the technical and fundamental picture for high yield bonds today as investors grapple with an increasingly noisy macroeconomic and political backdrop. Episode Segments: 02:30 – Kelly’s background and role at Barings05:18 – What market technicals are telling us about high yield09:26 – Assessing issuer fundamentals against a noisy macro backdrop15:32 – Liability management exercises and where defaults could go in a recession scenario20:14 – How high yield may fare in a slower economic environment25:49 – How to think about the maturity wall 27:35 – Why credit spreads don’t tell the full story 30:04 – Senior secured bonds: what they are and why Kelly &amp; team like them38:25 – What the U.S. election could mean for high yield42:54 – Final thoughts IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 24-3783769

Kelly Burton sheds light on the technical and fundamental picture for high yield bonds today as investors grapple with an increasingly noisy macroeconomic and political backdrop.

High Yield Bonds: Assessing the Landscape Today

The U.S is experiencing a housing crisis driven by a lack of new supply and challenged affordability. But for investors providing the capital to modernize the country’s stock of housing, attractive returns may lie ahead. Maureen Joyce explains. Episode Segments:(04:41) – The key factors driving the U.S. housing crisis(09:02) – The demographic groups most impacted(12:50) – Where re-pricing and long-term structural trends converge(15:02) – Build-to-rent as both a housing solution and attractive investment opportunity(19:57) – The U.S. cities and regions where the Barings team is seeing value today(30:14) – Where the team prefers to take risk - from development to core(34:35) – The relative attractiveness of RE debt vs. equity(38:34) – How the outcome of the U.S. election may impact the residential investment opportunity(39:52) – Final thoughts IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 24-3734582

The U.S is experiencing a housing crisis driven by a lack of new supply and challenged affordability. But for investors providing the capital to modernize the country’s stock of housing, attractive returns may lie ahead. Maureen Joyce explains.

The Multi-Decade Opportunity in U.S. Residential Real Estate

Dr. Ricardo Adrogué joins the podcast to discuss why risks including those related to inflation, interest rates and EM elections are increasingly behind us, setting the stage for a possible resurgence in investor appetite for EM Debt. Episode Segments:﻿(02:45) – Is EM election risk behind us?(10:10) – How the outcome of the U.S. election may impact EMs(20:46) – Investing in a world rife with geopolitical risk(24:19) – Why the interest rate &amp; inflation outlook may favor EMs(30:11) – Do EMs offer enough reward to offset the risk? IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 24-3710122

Dr. Ricardo Adrogué joins the podcast to discuss why risks including those related to inflation, interest rates and EM elections are increasingly behind us, setting the stage for a possible resurgence in investor appetite for EM Debt.

EM Debt: The Improving Risk/Reward Dynamics

Barings Chairman &amp; CEO, Mike Freno, joins the podcast to discuss recent developments in the firm’s Global Private Finance platform, the strong momentum in its public and private assets businesses, and where he and the Barings team see opportunities for growth ahead. Episode Segments: (01:51) – Recapping two strong years of growth for Barings(04:17) – Mike’s perspective on recent developments in Barings’ Global Private Finance platform(13:49) – The opportunity and growth ahead in private asset classes(17:00) – Serving PE sponsors with broad-based solutions(20:45) – The momentum in public markets from high yield to EM to CLOs(23:40) – Where public and private markets converge(27:53) – Barings’ continued focus &amp; growth in the insurance channel(30:16) – Organic and inorganic growth opportunities ahead(34:43) – Final thoughts IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 24-3600934

Barings Chairman and CEO, Mike Freno, joins the podcast to discuss recent developments in the firm’s Global Private Finance platform, the strong momentum in its public and private assets businesses, and where he and the Barings team see opportunities for growth ahead.

Growing Barings in Private Assets & Beyond

Against a backdrop of stickier-than-expected inflation, higher-for-longer rates, and persistent geopolitical risks, what is the outlook for high yield bonds and senior secured loans? Global High Yield Portfolio Manager, Brian Pacheco, weighs in. Episode Segments:(03:29) – How the macro backdrop has changed for high yield this year(06:28) – Why the Barings team is bullish today on loans(08:37) – Contrasting the steady return profile of loans with higher duration assets(10:14) – Where loans sit from a valuation perspective today(11:39) – How higher rates may impact the default picture(14:20) – Liability Management Exercises (LMEs) – why they matter(17:02) – Why high yield bonds may offer more value than commonly perceived(25:33) – Risks to watch: Accelerating inflation, term premiums, &amp; geopolitics Certain statements about Barings LLC made by the participants herein may be deemed to be “testimonials” or “endorsements” as those terms are defined in rule 206(4)-1 under the Investment Advisers Act of 1940, as amended. Participants were not compensated in connection with their participation in this program, although in certain cases they are investors in Barings LLC sponsored vehicles. These investments subject such participants to potential conflicts of interest in making the statements herein. IMPORTANT INFORMATION Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses. Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”). NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy. Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction. Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent. 24-3529557

Against a backdrop of stickier-than-expected inflation, higher-for-longer rates, and persistent geopolitical risks, what is the outlook for high yield bonds and senior secured loans? Global High Yield Portfolio Manager, Brian Pacheco, weighs in.



High Yield Bonds & Loans: Adapting to Changing Markets