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21 minutes, 21 seconds to listen by  BlueBay Fixed Income team, A.Skiba, CFA Nov 4, 2025

For this episode of The Navigator podcast, we’re bringing you a conversation from Unlocking Markets, a podcast published by our colleagues at RBC BlueBay in London.

Market volatility due to tariff measures implemented by President Trump has subsided and markets have rallied strongly, so what next? Andrzej Skiba, Head of BlueBay U.S. Fixed Income, and Mike Reed, Head of Global Financial Institutions, talk about the outlook for, and potential risks to, US credit markets as we head into 2026.

Key points

  • We expect high single-digit returns for investment grade and high yield assets, driven by rate cuts and economic stabilization.

  • Elevated long-term rates and inflation concerns create a steep curve, but stable growth and yield-sensitive demand support fixed income valuations.

  • Tight generic spreads challenge passive strategies, but active investors may be able to find value in specific areas like compression rates and subordinated debt.

  • Increased leveraged buyouts and acquisitions, fueled by policy clarity and lower funding costs, impact publicly traded debt and present both risks and opportunities for fixed income investors.

Listen on your podcast app Apple Spotify

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