Rising geopolitical tensions and inflation uncertainty are driving increased volatility across credit markets, while dispersion across issuers continues to widen. In this environment, selected segments of European B-rated credits and CLO mezzanine tranches stand out on a risk-adjusted basis.

‍

This edition of The Big MAC explores the key macro drivers, sector dynamics, and investment implications for credit markets.

‍

The full report is available here: The Quarterly Big MAC Letter - Q1 2026

‍