The Quarterly BIG MAC LETTER - Q2 2026

Energy price pressures have softened, while European economic activity is showing signs of improvement and AI-related infrastructure investment continues to support US growth. Against a backdrop of strong credit market technicals and tighter spreads, selectivity remains key, with AAA CLOs, European lower-middle-market private debt and diversified B-/CCC loans standing out on a risk-adjusted basis.

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This edition of The Big MAC explores the key macro drivers, sector dynamics, and investment implications for credit markets.

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The full report is available here: The Quarterly Big Mac Letter - Q2 2026

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