US HY Picks & Pans - May 2026
Winnie Cisar: Global Head of Strategy
Eric Axon, CFA: Co-Head of High Yield, Head of Healthcare
Davis Hebert, CFA: Co-Head HY Research, Head of Telecom/Media
David Bussey, CFA: Senior Analyst, Leisure
Jordan Chalfin, CFA: Head of Technology
Todd Duvick, CFA: Head of Autos
Wen Li, CFA: Head of Metals & Mining
Matt Woodruff, CFA: Head of Aerospace & Defense / Transports
Nick Williams: Senior Analyst, Special Situations
Erick Vega, CFA: Senior Analyst, Emerging Markets Corporates
28 May 2026
- How a strong rebound in credit markets is supported by resilient earnings and improving macro sentiment.
- What tight spread conditions signal for relative value and the need for selective positioning across ratings tiers.
- Why higher quality bonds continue to outperform as lower tier credits face persistent headwinds.
- How issuer specific catalysts such as deleveraging and event developments drive differentiated credit opportunities.
- Which sectors and issuers stand out as key areas to watch amid evolving high yield market dynamics.
Executive Summary
Markets rebounded strongly after a better earnings season and improved macro sentiment. Fixed income demand increased alongside rising government yields.
Despite stable spreads, lower quality credits continued to underperform in returns. Focus remains on improving credit quality within portfolios.
Analysts emphasize issuer specific catalysts such as deleveraging and event developments. These themes help differentiate opportunities in a compressed spread environment.
Opportunities concentrate in sectors benefiting from positive developments and improving fundamentals. However tight spreads make broad market gains harder to achieve.
Higher yields raise the cost of negative positioning and require strong conviction. Selectivity remains key as markets favor targeted credit views.



