This podcast compares US and emerging market high-yield bonds, concluding that emerging markets currently offer a better investment opportunity. The discussion analyzes fundamentals (credit ratings, fiscal ratios), technicals (supply/demand), and valuations for both markets. While US high-yield bonds show strong earnings recovery, higher issuance and risks from tariffs are noted. Emerging markets show improved fiscal ratios and lower issuance, making them more attractive despite potential tariff impacts. The podcast suggests investors consider selective BB credits in emerging markets with minimal tariff exposure and favorable valuations.
