EM equities shine again

In the latest instalment of Oaktree’s ‘The Roundup’: • Howard Marks discusses whether recent episodes in sub-investment grade credit are systemic or systematic. • Raj Makam and Christina Lee comment on the number of large-cap sponsors that financed deals in the broadly syndicated loan (BSL) market last in 2025, and the need for lending managers to stay disciplined. • Nael Khatoun and Jens Bauer examine the rise of direct lending in Europe and the potential opportunities for investors. • Sheldon Stone, David Rosenberg and Alap Shah assess the state of the high-yield bond market. • Frank...