Barings

Meet Elizabeth Geisler (Libby), who first connected with Barings through LinkedIn and discovered a firm that felt approachable, accessible and open to different backgrounds and experiences. Drawn to the opportunity to launch her career in Charlotte, Libby joined Barings as an intern in Structured Credit. After time as a Program Analyst in our High Yield group, she moved into her current role in Portfolio Finance in our Boston office. Along the way, the support of colleagues and opportunities to grow across the firm helped shape her career journey and find her professional “home.” Learn more about opportunities for students and early-career professionals at Barings: https://ow.ly/yRpa50ZwAyx

Today's high yield market looks very different than the one many investors remember. So, what’s changed? This month, we caught up with Kelly Burton to discuss common perceptions of the asset class, and how closely they reflect today’s market reality. Top Takeaways from this month’s issue of Where Credit is Due: • BB-rated issuers now make up the majority of high yield, while the lowest-quality segment has shrunk significantly. • Tight spreads aren't the whole story. Attractive all-in yields and higher coupons continue to make income a powerful driver of returns. • In an increasingly dispersed market, avoiding the losers may matter as much as finding the winners.

Is EM Debt still undervalued? Head of Global Sovereign Debt & Currencies Cem Karacadag joins the Streaming Income podcast to discuss this and more.   Check out the full episode now. Links to watch/listen in the comments. Episode timestamps: 02:12 – Scoping the EM debt universe 04:03 – Myths about the asset class – credit risk & liquidity 05:39 – What’s driven EM’s resilience and can it continue? 10:42 – Potential areas of complacency  13:31 – Where Cem & team see the best opportunities today 20:55 – The dollar, inflation & how they impact EM investing 26:57 – The surprising strength of global trade 29:57 – Insight into Barings’ team-based investment process 34:35 – Final takeaway for investors

Barings today announced the appointment of Ulrich Cord as Head of Wealth Management & Family Offices Germany within its Global Client Group. Based in Munich, Ulrich will be responsible for further developing Barings’ wealth business in Germany, with a particular focus on banks, family offices and wealth management clients. His appointment reflects Barings’ continued commitment to expanding its presence in the German wealth market and supporting the firm’s broader strategic focus on growing its wealth business globally. Learn more: https://ow.ly/EGtc50ZtMUg

Head of Corporate Citizenship, Elizabeth Cooper Hansen, recently spoke with the Charlotte Business Journal's Symone Graham about Barings’ commitment to serving the Charlotte region—work that extends beyond the more than $171 million Barings’ Affordable Housing Investments team has committed to housing developments in the area in recent years As highlighted by the Charlotte Business Journal, a program Barings launched in 2021 with a single laptop distribution has grown into a more than $1 million network of nonprofit partners providing supportive services to approximately 1,800 households across affordable housing communities in the Charlotte region. In partnership with organizations including E2D - Eliminate the Digital Divide, the Center for Digital Equity, Promising Pages, Classroom Central, DigiBridge Inc., STARS Math and Literacy Academy and Common Wealth Charlotte, the effort now helps residents access laptops, books, backpacks, school supplies, summer programming and financial literacy resources. Elizabeth underscored that the program’s growth has been shaped by residents’ needs—helping remove practical barriers for families while expanding access to tools and resources that can support long-term opportunity. Read more here: https://lnkd.in/e56uWK-V

Happy #NationalInternDay! At Barings, our summer interns are building skills, gaining new perspectives and forming connections across our global business. Through meaningful work and valuable learning opportunities, they're making the most of their time with us. Hear from some of our interns as they share what they've enjoyed most about their experience so far. Applications for our 2027 Summer Internship Program open soon. Visit our Early Talent page to learn more: https://ow.ly/ZSgB50ZulKA

CLO fundamentals remain supportive, but the market is becoming increasingly selective. While resilient corporate earnings, strong investor demand and attractive floating-rate income continue to underpin the asset class, tighter valuations and growing collateral dispersion are raising the importance of credit selection and manager discipline. Key takeaways:  • Stable fundamentals: Default activity remains broadly contained, though risks are becoming increasingly issuer and sector-specific. • Supportive technicals: Strong demand from institutional investors and CLO ETFs continues to support the market, even as refinancings and resets dominate issuance. • Higher dispersion: Outcomes are becoming more dependent on collateral quality, portfolio construction and manager behavior. Read the full commentary: https://ow.ly/9xBG50ZtyvA

Barings and the North Carolina Investment Authority (NCIA) announced today an expanded partnership representing $2.1 billion in committed capital for Barings’ real estate debt and capital solutions strategies. The expanded partnership will leverage Barings’ broad real estate debt capabilities to invest $1 billion in loans secured by institutional-quality commercial real estate in strategic locations across North America and Europe. An additional $800 million has been committed to Barings’ Commercial Mortgage-Backed Securities (CMBS) strategy. The mandate also includes $300 million in committed capital for Barings’ Capital Solutions strategy, which originates customized financings for both corporate and non-corporate issuers across the capital structure with a focus on secured debt. Barings has served as an asset manager for the North Carolina Retirement Systems, whose assets are now invested by NCIA, for over ten years. This partnership has supported attractive risk-adjusted returns for the state’s 875,000 active and retired public employees, including teachers, police officers, firefighters, and public servants. Learn more: https://ow.ly/Vgsu50Zt7B2

Barings was pleased to co-host “Building Maryland’s Future: Infrastructure & the Terrapin Program” in partnership with the Office of the Comptroller of Maryland. The event brought together leaders from across the public and private sectors to discuss the Maryland State Retirement and Pension System’s Terrapin Middle Market Infrastructure Fund and the role infrastructure investment can play in supporting long-term economic growth. Mina Pacheco Nazemi, Head of Infrastructure Secondaries & Solutions at Barings and Portfolio Manager for the Terrapin Fund, highlighted how public-private collaboration can help identify investment opportunities that strengthen local communities and competitiveness. Learn more: https://ow.ly/pkca50ZrtyO

Last week, Barings and Pacer ETFs visited Nasdaq to celebrate the launch of the Pacer Barings CLO Market Flex ETF (AAAP) and the Pacer Barings Secured Credit Flex ETF (PBSC). We're excited about this partnership and the opportunity to bring innovative credit solutions to a broader range of investors. Learn more: AAAP: https://ow.ly/EXu950ZqU8S PBSC: https://ow.ly/lwGS50ZqU8R