Barings experts across public and private credit markets consider the risk/return dynamics shaping the opportunity set in global high yield, private credit, emerging markets and distressed debt.  Episode Segments: (06:40) - The biggest surprises in credit markets in 2022 (13:16) - The three risk premiums comprising credit market returns (14:26) - High yield outlook, the default picture, and US vs. Europe (22:04) - EM corporate debt risk/return analysis and the role of China (29:45) - Sizing up the illiquidity premium in private credit (39:00) - Distressed debt outlook and the complexity premium (46:40) - Views on the most attractive places to deploy fresh capital