Streaming Income - A Podcast from Barings

Latest Episodes:

High Yield: Tariffs, Tensions & Tactical Shifts Jul 30, 2025

Show notes

Head of Global High Yield, Scott Roth joins the Streaming Income podcast to discuss how tariffs and quickly shifting macro-economic and political dynamics are impacting corporate fundamentals and the backdrop for high yield bonds and broadly syndicated loans today.

Episode Segments:
01:55 – Scott’s role at Barings and the HY platform at Barings
03:01 – How the “Sell America” trade is impacting high yield markets
08:18 – The trillion-dollar question: When will the U.S. deficit start to bite?
10:06 – How the macro economy is impacting corporate fundamentals
15:58 – Are investors being fairly compensated for the risk they’re taking today?
20:15 – A look at the market techicals that are driving short-term price action
24:01 – Tangible impacts of ‘the blurring lines’ between public & private credit
28:42 – Managing a long-term allocation to below investment-grade credit

IMPORTANT INFORMATION

Any forecasts in this podcast are based upon Barings’ opinion of the market at the date of preparation and are subject to change without notice, dependent upon many factors. Any prediction, projection or forecast is not necessarily indicative of the future or likely performance. Investment involves risk. The value of any investments and any income generated may go down as well as up and is not guaranteed. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. Any examples set forth in this podcast are provided for illustrative purposes only and are not indicative of any future investment results or investments. The composition, size of, and risks associated with an investment may differ substantially from any examples set forth in this podcast. No representation is made that an investment will be profitable or will not incur losses.

Barings is the brand name for the worldwide asset management and associated businesses of Barings LLC and its global affiliates. Barings Securities LLC, Barings (U.K.) Limited, Barings Global Advisers Limited, Barings Australia Pty Ltd, Barings Japan Limited, Barings Real Estate Advisers Europe Finance LLP, BREAE AIFM LLP, Baring Asset Management Limited, Baring International Investment Limited, Baring Fund Managers Limited, Baring International Fund Managers (Ireland) Limited, Baring Asset Management (Asia) Limited, Baring SICE (Taiwan) Limited, Baring Asset Management Switzerland Sarl, and Baring Asset Management Korea Limited each are affiliated financial service companies owned by Barings LLC (each, individually, an “Affiliate”).

NO OFFER: The podcast is for informational purposes only and is not an offer or solicitation for the purchase or sale of any financial instrument or service in any jurisdiction. The material herein was prepared without any consideration of the investment objectives, financial situation or particular needs of anyone who may receive it. This podcast is not, and must not be treated as, investment advice, an investment recommendation, investment research, or a recommendation about the suitability or appropriateness of any security, commodity, investment, or particular investment strategy.

Unless otherwise mentioned, the views contained in this podcast are those of Barings and are subject to change without notice. Individual portfolio management teams may hold different views and may make different investment decisions for different clients. Parts of this podcast may be based on information received from sources we believe to be reliable. Although every effort is taken to ensure that the information contained in this podcast is accurate, Barings makes no representation or warranty, express or implied, regarding the accuracy, completeness or adequacy of the information

Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.

Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.

25-4697058

Understanding Global Direct Lending Markets May 21, 2025

Show notes

Leaders across Barings Global Private Credit platform discuss the similarities and differences between the direct lending markets in North America, Europe and Asia Pacific, and the potential benefits of global strategies in this space.

Episode Segments:
(02:41) – North American market overview
(10:48) – European market overview
(21:51) – APAC market overview
(28:01) – The development and benefits of global direct lending strategies
(34:57) – Relative value, ramp speed and building global portfolios
(41:15) – How relative has shifted over time
(43:38) – The mechanics of relative value decisions
(46:34) – The impact of macro and geopolitical volatility
(50:23) – Factors to consider when allocating to global direct lending strategies

IMPORTANT INFORMATION

Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.

Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.

25-4494681

CLOs: Past, Present & Future Apr 09, 2025

Show notes

Barings' Head of Global CLOs, Adrienne Butler, retraces the history of the CLO asset class from its emergence in the late-1990s through the trials of the GFC and onto the most recent innovations including private credit and infrastructure debt CLOs.

Episode Segments:
(03:02) – The early days of the CLO market
(09:33) – How CLOs fared in the 2008 period
(16:14) – The distinction between investing in 3rd party CLO tranches and originating CLOs
(18:21) – A broadening investor base
(23:22) – How the competitive landscape has evolved
(25:18) – What’s next: Private credit, infra & real estate CLOs
(28:39) – The opportunity in CLOs today
(30:16) – Lessons Adrienne has learned in 25+ years in CLO markets

IMPORTANT INFORMATION

Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.

Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.

25-4378005

Portfolio Finance: Private Markets’ Next Great Asset Class? Jan 08, 2025

Show notes

In the latest episode of Streaming Income, Head of Portfolio Finance, Dadong Yan helps to define and de-mystify the growing opportunity in Portfolio Finance.

Episode Segments:
(03:04) – Defining portfolio finance
(04:23) – Where NAV lending fits in
(06:11) – Core portfolio finance: Private credit, RE debt, secondaries & GP financing
(12:45) – The risk-return spectrum of portfolio finance strategies
(17:53) – Howthe portfolio finance asset class has developed over time
(19:50) – Accessing portfolio finance
(22:55) – Generating alpha & incremental yields vs. IG asset classes
(28:41) – Where investors are bucketing portfolio finance
(30:44) – How origination works in the asset class
(33:37) – Understanding the competitive landscape in portfolio finance
(38:24) – Final thoughts

Viewpoints papers mentioned in the conversation:

Surge of the Secondaries: https://www.barings.com/guest/perspectives/viewpoints/surge-of-the-secondaries-financing-growth-in-an-undercapitalized-industry
Missing a $100+ Billion Annual Opportunity?: https://www.barings.com/guest/perspectives/viewpoints/portfolio-finance-missing-a-100-billion-annual-opportunity

IMPORTANT INFORMATION

Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.

Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.

24-4105175

Private Infrastructure Equity: The Overlooked Middle Market Nov 13, 2024

Show notes

Mina Pacheco Nazemi, Head of Diversified Alternative Equity, joins the podcast to explain how she and her team are finding attractive opportunities to “build to core” in assets like battery storage and data centers.

Episode Segments:
(01:58) – Mina’s role at Barings
(02:43) – The common attractions of infra equity asset types
(06:12) – Why “infrastructure 2.0” offers the potential for higher returns
(11:24) – The opportunity from the concentrated capital raising in infrastructure
(18:28) – The case for building smaller, modular, distributed assets
(26:43) – The “buy vs. build” multiple arbitrage
(28:25) – Sourcing deals in the lower and middle part of the market
(32:33) – Misconceptions & where investor demand is coming from

IMPORTANT INFORMATION

Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.

Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.

24-4009754

The Blurring Lines Between Public & Private Credit Markets Oct 19, 2024

Show notes

Barings' David Mihalick and Martin Horne discuss the blurring lines between public and private credit markets and the implications for asset managers, borrowers and investors.

Episode Segments:
(03:17) – What’s driving the blurring of lines between public & private credit?
(09:47) – The ebb and flow between the public and private loan markets
(14:22) – What happens when we hit an economic cycle?
(19:17) – The benefits of investing across public & private markets
(23:42) – Why Barings combined its public & private asset-backed groups
(26:10) – How borrowers choose which market to issue into
(33:22) – Thinking about the interplay between public & private markets
(36:30) – How asset managers need to evolve alongside investors and markets

IMPORTANT INFORMATION

Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.

Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.

24-3908137

Demystifying Capital Solutions Strategies Sep 17, 2024

Show notes

Michael Searles, Head of North America – Capital Solutions, explains why capital solutions strategies are garnering increased interest from institutional investors looking to diversify their private credit allocations and gain access to potentially uncorrelated returns.

Episode Segments:
(05:42) – How Barings defines Capital Solutions strategies
(08:50) – Targeting a premium over direct lending through customization
(12:14) – The evolution from Special Situations to Capital Solutions
(20:32) – The opportunity in the insurance segment today
(24:54) – The attraction of structured asset-backed finance
(27:50) – Sourcing assets: From marinas to litigation finance & beyond
(32:41) – Questions to ask managers about Capital Solutions strategies

Certain statements about Barings LLC made by the participants herein may be deemed to be “testimonials” or “endorsements” as those terms are defined in rule 206(4)-1 under the Investment Advisers Act of 1940, as amended. Participants were not compensated in connection with their participation in this program, although in certain cases they are investors in Barings LLC sponsored vehicles. These investments subject such participants to potential conflicts of interest in making the statements herein.

IMPORTANT INFORMATION

Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.

Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.

24-3846128

U.S. Commercial Real Estate: A Time for Fear or Greed? Oct 05, 2022

Show notes

As negative headlines come fast and furious, commercial real estate investors are faced with a question: Is now a time to get defensive, be opportunistic, or prepare for the worst? Learn why Co-Head of U.S. Real Estate, John Ockerbloom says the answer is 'yes' - all of the above.

Episode Segments:

(02:33) - Do market conditions on the ground match the negative headlines?

(05:07) - A market still in price discovery mode

(08:19) - The inherent defensiveness of real estate debt

(12:11) - Where opportunities are today in residential real estate

(18:33) - Riding the wave of revitalization in Savannah, Georgia

(23:09) - Life science and the changing definition of "high quality" office space

(27:26) - Leading the life science renaissance in Downtown San Diego

(29:39) - The cycle agnostic opportunity in self-storage

(33:18) - The distressed asset landscape today

(37:20) - Fear, greed and patience through the cycle

IMPORTANT INFORMATION

Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.

Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.

22-2456479

The I's of the Storm: Interest Rates, Inflation & the IMF Sep 21, 2022

Show notes

Could the market be wrong on inflation? Is China more of a drag on the global economy than commonly perceived? And how can investors navigate this extremely difficult macro backdrop? Ricardo Adrogue answers these questions and more in the latest episode of Streaming Income.

Episode Segments:

(01:45) - The three major headwinds facing emerging markets

(04:09) - How the market could be wrong on inflation

(11:02) - Managing portfolios through macro uncertainty

(14:16) - The strong USD, and currencies as alpha providers

(21:12) - Countries and currencies that look more (and less) resilient today

(24:50) - Are China's changing priorities a drag on global growth?

(30:33) - Asset allocation strategies for a difficult macro backdrop

Read Ricardo's recent article on why the market may be wrong on inflation: Click Here

IMPORTANT INFORMATION

Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.

Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.

22-2431945

High Yield: When Volatility Creates Opportunity Sep 07, 2022

Show notes

Investors are back at their desks and volatility has returned with them. How can they navigate an environment characterized by rising rates and decades-high inflation? Scott Roth and Adrienne Butler answer this question and more in the latest episode of Streaming Income.

Episode Segments:

(01:10) - What's been surprising about the recent bout of volatility

(03:32) - What the biggest challenge in managing HY portfolios has been this year

(06:10) - How inflation in impacting high yield issuers

(08:10) - How rising rates are changing the CLO and loan landscape

(13:36) - The dynamics shaping today's high yield bond market

(17:09) - How the higher quality of today's HY market factors in

(19:30) - Finding opportunities in less obvious places

(27:49) - The biggest risks on the horizon

(32:03) - What to consider when managing a long-term high yield allocation

IMPORTANT INFORMATION

Any service, security, investment or product outlined in this podcast may not be suitable for a prospective investor or available in their jurisdiction.

Copyright in this podcast is owned by Barings. Information in this podcast may be used for your own personal use, but may not be altered, reproduced or distributed without Barings’ consent.

22-2411018

Our TOPPODCAST Picks

Follow Us

Stay Connected

Streaming Income – A Podcast from Barings

Related Podcasts

Links

Stay Connected