Credit and high yield had a good 2025, despite tariffs and rates volatility as spreads held ground. Will 4Q sustain this resilience and why? Mahesh Bhimalingam, Bloomberg Intelligence global head of credit strategy, discusses the results of the BI 4Q25 High Yield Investor Survey, along with the market outlook, with Alexis Renault, global head of high yield at Oddo BHF. They discuss the French fiscal problems and trade war's impact on credit, potential ECB action in a sovereign crisis along with distress and default rates. The podcast also covers investor positioning, sentiment, key return drivers, supply forecasts and relative value across asset classes (high grade vs. junk), geography (Europe vs. US), ratings and sectors.

Credit Crunch is part of BI’s FICC Focus series. Listen to this episode on Apple Podcasts and Spotify.