CREDIT : Bullish and Bearish Analyst Opinions

Jablonski said he likes "credit on the short end of the curve," including investment grade corporates, preferred securities, US dollar high yield, and hard currency EM debt. He believes these instruments offer positive carry and are well-positioned despite elevated spreads, supported by good credit fundamentals. Positive on short-to-medium term credit for its yield and carry potential in a still-growing economy. A sharp economic downturn leading to credit deterioration and widening spreads.

Spread compression no longer makes sense in a destabilized, de-globalizing world facing stagflation and war.

There is $5.3T in financing needs over the next 5 years. Peters notes a "clear revisitation of the software space" in credit markets, with massive debt issuance (e.g., Google's recent deal) hitting the market. Equity valuations in AI are stretched and volatile. The debt market offers a cleaner way to play the AI infrastructure build-out ($5.3T need) with better risk-adjusted returns and seniority in the capital structure. LONG. Buy the debt of major tech/software firms financing the AI boom. Higher-for-longer interest rates increasing default risk for lower-quality software issuers.