Credit markets had a strong six months of rally, particularly in spreads, although not necessarily in yields. Are credit spreads too tight, and is that supported by low defaults? Is that rally justified on expected rate cuts? In this episode of our Credit Crunch podcast, host Mahesh Bhimalingam, Chief European Credit Strategist at Bloomberg Intelligence, and Marina Cohen, Head of European High Yield at Amundi Asset Management, discuss the situation in credit and the specific challenges of portfolio management after a six-month rally.

They discuss relative value across junk, high grade and loans, fund flows, defaults, rate cuts and yield-curve views in detail. Particular attention was also given to private credit markets and how they are interacting with public markets in terms of supply and defaults.