Perspectives from Royal London Asset Management

Crunching credit podcast - December 2025

In our latest Crunching credit podcast we analyse how defaults have moved higher, though still remain low historically, and the extent to which new issuance has ramped up this year.
We also look at the main company stories the team have uncovered, and the changing nature of the investment landscape under AI, with the huge borrowing required for its capital intensive infrastructure meaning that prudent credit risk aware investing is crucial.
Stephen Tapley, Senior Fund Manager, discusses with Ewan McAlpine, Investment Director, the key issues these stories raise for investors and the changing dynamics in bond markets.
Recorded: 8 December 2025Duration: 13 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

Crunching credit podcast - November 2025

In our latest Crunching credit podcast we look at some of the varied and intriguing company stories the team have been following across the global high yield market. This month we look at sectors including security, gaming technology and crypto, and how investors have been reacting to the latest raft of issuance and market developments.
Stephen Tapley, Senior Fund Manager, discusses with Ewan McAlpine, Investment Director, the key issues these stories raise for investors as well as analysing the latest moves in bond markets.
Recorded: 18 November 2025Duration: 14 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

Crunching credit podcast - October 2025

In our latest Crunching credit podcast we look at the important company stories the team have been tracking across the global high yield market. This month we discuss First Brands, the US auto parts supplier that has been making headlines, as well as Electronic Arts and its acquisition by a consortium including Saudia Arabia’s Public Investment Fund.
Stephen Tapley, Senior Fund Manager, discusses with Ewan McAlpine, Investment Director, the key issues these stories raise for investors and the potential role AI might play in the Electronic Arts takeover.
Recorded: 15 October 2025Duration: 17 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

Crunching credit podcast - September 2025

In our latest Crunching credit podcast we look at the interesting company stories the team have uncovered across the global high yield market, including examples from the US high street and the mobile services sector. We also analyse the gap between small and large issuers when it comes to defaults, and the extent to which spreads have been widening.
Stephen Tapley, Senior Fund Manager, discusses these points and more with Ewan McAlpine, Investment Director, as they look at some of the key themes impacting global credit markets.
 
Recorded: 17 September 2025Duration: 13 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

Crunching credit podcast - August 2025

Crunching credit podcast – August 2025
In our latest Crunching credit podcast we look at interesting company stories the team have uncovered across diverse sectors around the world, including energy, footwear and medicine, as well as the latest on a staple of the British high street, Boots. We also analyse how new issuance has developed over the year and how default rates have been moving higher.
Stephen Tapley, Senior Fund Manager, discusses these points and more with Ewan McAlpine, Investment Director, as they look at some of the key themes impacting global credit markets.
Recorded: 20 August 2025Duration: 10 mins
 
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

Crunching credit podcast - July 2025

In our latest Crunching credit podcast we discuss how high yield spreads have developed, the way default rates have nudged higher and the latest around new issuance. We also look at the interesting company stories the team have uncovered across America and Europe.
Stephen Tapley, Senior Fund Manager, discusses these points and more with Ewan McAlpine, Investment Director, as they look at some of the key themes impacting global credit markets.
Recorded: 17 July 2025Duration: 10 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

Fixed income 5 points podcast – June 2025

There is sometimes a view that the global high yield market acts as the homogenous low quality bottom end of the credit market that is one step away from equities, but what is the reality of the makeup of the global high yield market today?
What are some of the often overlooked features that investors may want to consider? Is there also the possibility that investors may be giving up opportunities by focusing on this particular area of the market?
Stephen Tapley, Senior Fund Manager, discusses these points and more with Ewan McAlpine, Investment Director, as they explore some of the key themes impacting fixed income and global high yield markets.
Recorded: 18 June 2025Duration: 13 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

Crunching credit podcast – June 2025

In our latest Crunching credit podcast we discuss recent bond market performance, the way new issuance has developed, and how the nature of liquidity has evolved in the high yield market. We also look at the interesting company stories the team have uncovered across different sectors.
Stephen Tapley, Senior Fund Manager, discusses these points and more with Ewan McAlpine, Investment Director, as they look at some of the key themes impacting global credit markets.
Recorded: 11 June 2025Duration: 8 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

Crunching credit podcast - May 2025

In our latest Crunching credit podcast, we discuss recent bond market performance against the backdrop of trade tariffs and look at how new issuance has developed given the uncertain and volatile environment. We also look at the interesting company stories the team have uncovered across sectors such as online payments, energy and gaming.
Stephen Tapley, Senior Fund Manager, discusses these points and more with Ewan McAlpine, Investment Director, as they look at some of the key themes impacting global credit markets.
Recorded: 19 May 2025Duration: 10 mins
The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

Crunching credit podcast - February 2025