Perspectives from Royal London Asset Management

Royal London Asset Management
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At Royal London Asset Management, we do things a little differently. As an integral part of customer-owned mutual Royal London, we put our clients at the heart of what we do, with a longer-term approach to generating investment returns. We’re committed to delivering outstanding active asset management value for clients around the world. It’s asset management excellence with a longer-term perspective. Our podcasts bring you the latest conversations between our fund managers, economists and industry experts. In a rapidly changing economic landscape you’ll hear views on the global economy, markets and political developments.

  1. 28 Apr

    Crunching credit podcast - April 2026

    We examine a difficult recent period for global credit markets, with negative returns across regions, wider spreads and sharply higher yields. Escalating conflict in the Middle East pushed energy prices higher, reignited inflation pressures and forced central banks to cool expectations of near‑term rate cuts. Against this backdrop, this episode explores how issuers adapted to volatility. Landmark transactions from Electronic Arts, Sealed Air and Herbalife showed that while primary markets remain open, execution now depends heavily on timing, structure and covenant strength, with investors demanding meaningful concessions. Stephen Tapley, Senior Fund Manager, and Ewan McAlpine, Investment Director, break down the key trends and stories currently shaping global credit markets. Recorded: 22 April 2026 Duration: 14 mins The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

    15 min

  2. 20 Mar

    Crunching credit podcast - March 2026

    We explore another eventful month in global high yield markets, from shifting government bond curves to contrasting sector performance. With inflation uncertainty and geopolitical tensions reshaping risk sentiment, the discussion highlights how credit fundamentals remain essential as volatility rises. This month’s stories span continents — from Brazil’s sudden corporate upheaval, to opportunistic issuance in the U.S. airline sector, to the early signals of a landmark financing in the gaming industry. Together, they illustrate how rapidly conditions can turn and how issuers adapt under pressure. In this episode of Crunching Credit, Stephen Tapley, Senior Fund Manager, and Ewan McAlpine, Investment Director, break down the trends currently shaping global credit markets. Recorded: 18 March 2026 Duration: 12 mins The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

    12 min

  3. 27 Feb

    Crunching credit podcast - February 2026

    Global high yield markets had a resilient start to 2026, with spreads tightening and recent geopolitical shocks failing to dent overall performance. Despite volatility in oil, gold and the US dollar, high yield bonds held firm, supported by steady earnings and robust market fundamentals. A major theme has been AI‑driven disruption in the technology sector. While tech remains a small part of the high yield universe, concerns over legacy software models and leveraged balance sheets have led to notable underperformance in software and data‑services names. In this episode of Crunching Credit, Stephen Tapley, Senior Fund Manager, and Ewan McAlpine, Investment Director, explore why software companies are under pressure and discuss the broader high yield outlook amid ongoing geopolitical disruption. Recorded: 25 February 2025 Duration: 10 mins The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

    11 min

  4. 14 Jan

    Crunching credit podcast - January 2026

    In our latest Crunching credit podcast we analyse the recent performance of high yield and investment grade bonds and consider the latest developments in new issuance. We also look at the main company stories the team have uncovered, including an update on First Brands, the automotive parts manufacturer that caused many negative investor headlines last year.   Stephen Tapley, Senior Fund Manager, discusses with Ewan McAlpine, Investment Director, the key issues these stories raise for investors and the changing dynamics in bond markets. Recorded: 13 January 2025 Duration: 12 mins The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

    12 min

  5. 12/12/2025

    Crunching credit podcast - December 2025

    In our latest Crunching credit podcast we analyse how defaults have moved higher, though still remain low historically, and the extent to which new issuance has ramped up this year. We also look at the main company stories the team have uncovered, and the changing nature of the investment landscape under AI, with the huge borrowing required for its capital intensive infrastructure meaning that prudent credit risk aware investing is crucial. Stephen Tapley, Senior Fund Manager, discusses with Ewan McAlpine, Investment Director, the key issues these stories raise for investors and the changing dynamics in bond markets. Recorded: 8 December 2025 Duration: 13 mins The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

    14 min

  6. 21/11/2025

    Crunching credit podcast - November 2025

    In our latest Crunching credit podcast we look at some of the varied and intriguing company stories the team have been following across the global high yield market. This month we look at sectors including security, gaming technology and crypto, and how investors have been reacting to the latest raft of issuance and market developments. Stephen Tapley, Senior Fund Manager, discusses with Ewan McAlpine, Investment Director, the key issues these stories raise for investors as well as analysing the latest moves in bond markets. Recorded: 18 November 2025 Duration: 14 mins The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

    14 min

  7. 22/10/2025

    Crunching credit podcast - October 2025

    In our latest Crunching credit podcast we look at the important company stories the team have been tracking across the global high yield market. This month we discuss First Brands, the US auto parts supplier that has been making headlines, as well as Electronic Arts and its acquisition by a consortium including Saudia Arabia’s Public Investment Fund. Stephen Tapley, Senior Fund Manager, discusses with Ewan McAlpine, Investment Director, the key issues these stories raise for investors and the potential role AI might play in the Electronic Arts takeover. Recorded: 15 October 2025 Duration: 17 mins The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

    17 min

  8. 23/09/2025

    Crunching credit podcast - September 2025

    In our latest Crunching credit podcast we look at the interesting company stories the team have uncovered across the global high yield market, including examples from the US high street and the mobile services sector. We also analyse the gap between small and large issuers when it comes to defaults, and the extent to which spreads have been widening. Stephen Tapley, Senior Fund Manager, discusses these points and more with Ewan McAlpine, Investment Director, as they look at some of the key themes impacting global credit markets.   Recorded: 17 September 2025 Duration: 13 mins The value of investments and the income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested. The views expressed are those of the speaker at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.

    13 min
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About

At Royal London Asset Management, we do things a little differently. As an integral part of customer-owned mutual Royal London, we put our clients at the heart of what we do, with a longer-term approach to generating investment returns. We’re committed to delivering outstanding active asset management value for clients around the world. It’s asset management excellence with a longer-term perspective. Our podcasts bring you the latest conversations between our fund managers, economists and industry experts. In a rapidly changing economic landscape you’ll hear views on the global economy, markets and political developments.

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