Elevated coupon income should continue to support senior loan returns in the second half of 2026, but tighter valuations and rising sector dispersion reinforce the importance of active credit selection.

Highlights from the week of July 10 – July 16, 2026.

The back half of 2026 may hinge on six themes: AI spending, uneven growth, labor supply, sticky inflation, uneasy central banks, and volatile bond markets.

Get the latest insights from our securitized credit desk.

As companies look to bond markets to fund AI investment, the credit impact is showing up in more selective ways, creating opportunities for active investors.

An energy shock, sticky inflation, and fractured global policy have made the path forward less forgiving.

Markets are being tested on several fronts at once. But the important question is how these shocks travel—through inflation, monetary policy, funding conditions, or issuer fundamentals. That’s where resilience begins to diverge.

The first phase of the AI trade rewarded broad calls: “Buy power!” “Sell software!” The next phase will require much more discrimination across business models, capital structures, and industries.

As Voya Investment Management continues to build momentum, we remain grounded in a simple principle: keep clients at the center of every decision.

Even as geopolitical uncertainty clouds growth, attractive yields in high-quality fixed income offer durable return and portfolio resilience.