U.S. Corporate Issuers Can Digest Higher Refinancing Costs

Published on September 2, 2026

The backup in global yields since late February has reignited the debate over the potential knock-on effects for corporate borrowers, particularly through higher refinancing costs and weaker debt-servicing capacity.

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The Cash Flow Case for Value

September 2, 2026
Should the recent value rotation be viewed as a regime shift-driven change in market preference, or a simple reversal trade? We think there is a compelling case to be made for the former. In a regime of higher interest rates and stubbornly above-target inflation, the market is increasingly focused on capex intensity, free cash flow conversion, and the cost of capital.

Why Tight Spreads Don’t Tell the Whole High-Yield Story

September 2, 2026
The high-yield market appears expensive at first glance. Spreads sit near the tight end of their historical range, which implies limited compensation for credit risk. However, spreads relative to their historical levels do not capture the full opportunity set of the asset class. Corporate fundamentals remain healthy, defaults are low, and the quality of today’s high-yield universe is higher than i