The U.S. credit markets remain unrivaled in their depth and thus are the de facto center of global sub-investment grade credit portfolios, though valuable diversification and opportunities can also be found in other regions like Europe and Asia.  We believe the U.S. is “still special,” but should the massive U.S. advantage decline, equities may face more significant headwinds than credit markets, particularly given stretched multiples in the S&P 500. 

Read more below as Armen Panossian (Co-CEO and Head of Performing Credit) and Danielle Poli, CAIA Poli (Assistant Portfolio Manager, Global Credit) examine the risks and opportunities for credit investors in Oaktree Credit Quarterly 2Q2025: Still Special?

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