Skip to content
MarketScale
‹ Back to IndustriesHealthcare

Barrow Hanley Credit Partners: Lens on Credit Series | Credit Markets: Then vs. Now

Credit Markets: Then vs. Now Fixed Income Portfolio Managers Chet Paipanandiker and Nick Losey provide their views on expected rates hikes by 2023 and how they will impact the financial health of high yield companies. More about Chet Paipanandiker, Portfolio Manager More about Nick Losey, Portfolio Manager

This story was produced through MarketScale. See how Healthcare teams put it to work with Executive Thought Leadership.

Share

Get featured

Want to get featured in MarketScale Healthcare?

Create a free MarketScale workspace and get your company's expertise featured across our Healthcare coverage. No credit card, no demo required.

Request an invite

Credit Markets: Then vs. Now

Fixed Income Portfolio Managers Chet Paipanandiker and Nick Losey provide their views on expected rates hikes by 2023 and how they will impact the financial health of high yield companies.

More about Chet Paipanandiker, Portfolio Manager

More about Nick Losey, Portfolio Manager

Video TranscriptExpand ↓

Yes the credit markets have been in a pretty interesting place over the last three years. We've basically been through a mini credit cycle. If you think back to what happened, go back to the early part of 2020, basically at a global pandemic. And by virtue of the Fed stepping in and helping to solve capital markets as well as work to develop a vaccine, we actually saw a credit markets do a complete about face. We started out with companies contemplating zero revenues and by the latter part of the year with the benefit of a vaccine, as well as with the benefit of companies terming out maturities and raising cash, basically enhancing their liquidity. You saw revenues come back and you saw companies with pretty pumped up liquidity facilities. So as a result, they were able to better handle the stresses that were occurring at the time, whether it's because of revenues, labor availability or inflation. At the same time, something else was happening to the consumer. You basically saw the consumer also see its balance sheet get pumped up by virtue of the stimulus checks that came through. And so pretty much you went through this period of extreme volatility where companies and consumers were in a bad place. They basically didn't about ship and everyone ended up in a generally better place from a fundamental perspective. And so what did that do with credit markets? We certainly saw a swoon to the downside when COVID occurred. Credit markets rebounded. As you went to the earlier part of this year, we ended into a period of new stress, basically Russia invading Ukraine. And it's interesting to see what happened to credit spreads during that time frame. So on a year to date basis, what you basically saw was double B's were underperforming because the Fed was raising rates. At the same time, credit risk was actually outperforming single B's and triple C's on a relative basis to double B's. But come April of 2022, they actually started to reverse, and you saw double B's start to outperform. And there was an indication that credit stress might actually be more of a concern on people's minds. And so you actually saw single B's and triple C's begin to underperform on a relative basis to double B's. What we are seeing in the credit markets today is, you know, something that we hadn't seen in a number of decades in the past. You know, when we think about what's going on in the environment right now, we came into the beginning of the year where inflation started to increase. And then with Russia, Russia invading Ukraine, basically that kind of added a spark to kind of really set the fire on inflation. And now we're sitting it roughly at 9% year over year inflation rate. We haven't really seen this type of inflation environment for upwards of four decades. So when you think about the investing world, there are not that many participants in the markets today that have actually directly experienced what we are experiencing now or are likely to experience if inflation stays at very high levels for the foreseeable future. Now, when we think about inflation, basically we were concerned about the inflationary environment going into the beginning of this year. So we really pulled back on our exposure to duration, longer duration assets and have benefited, because of that. Now we do not believe that we are going to run rate at a 9% inflation rate. You're already starting to see a lot of your data points tick over, but do not believe that we're going back to this one to 2% inflation rate environment.

Your experts belong here

Every story in MarketScale Healthcare starts with a company putting its clinicians, service-line leaders, and field engineers on the record. Buyers are already reading this topic. The only question is whose experts they find.

Service-line buyers vet vendors quietly, and your clinicians become the proof they find while doing it.

Get your team featuredSee how it works15 minutes, straight to a calendar.

Follow Healthcare Insights

Get new expert content in your inbox.

Healthcare: are you visible to AI?

Before they reach out, Healthcare buyers ask AI engines which vendors to trust. See how AI describes your company today, and where competitors show up instead.

Free workspace

You just read one Healthcare expert. Your company is full of them.

This article was produced through MarketScale. The same platform turns your clinicians, service-line leaders, and field engineers into the articles, video, and social content Healthcare buyers are searching for. Create a free workspace and see it with your own people. No credit card, no demo required.

NPS +73 · 1,000+ creators · 38+ countries

What you get, free

Your own MarketScale Studio workspace
One video edit a month, on us
AI writing, editing, and publishing tools
In-platform coaching to learn the system

More Healthcare Insights

Smart ICU and ambient AI cut errors when they feed data and notes into the EMR

Smart ICU and ambient AI cut errors when they feed data and notes into the EMR

Two HIMSS26 APAC case studies point to the same operational lesson: hospitals are getting measurable gains from “smart ICU” device integration and ambient AI documentation only when those tools are tightly integrated into core clinical workflows. Pondok Indah Hospital Group in Indonesia reported reductions of up to 70% in ICU administrative errors and 40% in adverse drug reactions after integrating smart devices, according to Healthcare IT News. Sir H.N. Reliance Foundation Hospital in India reported ambient AI is now used for nearly 90% of progress notes and shift handovers across five live use cases on a single EMR-integrated platform, also reported by Healthcare IT News. New JAMA Network cardiovascular research adds a parallel signal on the clinical side, with AI-enabled acquisition and interpretation approaches moving into screening and triage workflows, which raises procurement questions about validation, interoperability, and change management at the bedside.

  • 01A useful benchmark is emerging for documentation automation: “nearly 90% of progress notes and shift handovers” on ambient AI when it is deployed as one EMR-integrated platform, not a set of point tools (Healthcare IT News).
  • 02The measurable ROI in ‘smart ICU’ programs shows up where operators feel pain: fewer administrative errors and medication-related events, not in abstract “digitization” metrics (Healthcare IT News reported up to 70% and 40% reductions, respectively).
  • 03For hospitals with multiple device vendors and fragmented documentation workflows, integration work, interfaces, identity, order context, and governance, is likely to consume more effort than model selection, so contracts and implementation plans should price integration explicitly.

Sep 1, 2026

Gartner says AI budgets are growing faster than the rules to control them

Gartner says AI budgets are growing faster than the rules to control them

Gartner’s late-August 2026 research points to a familiar operational pattern in enterprise AI: budgets are rising faster than the controls meant to keep costs and risk predictable. In a Aug. 26 press release, Gartner said AI spending by customer service leaders surged 38% even as overall service and support budgets rose 2%. Earlier, at Gartner’s March 2026 Data & Analytics Summit, Gartner analysts said only 44% of organizations had adopted financial guardrails or AI FinOps practices, a gap that becomes more painful as AI workloads scale. The practical takeaway for CIOs, customer service operations leaders, and data and analytics teams is to treat AI governance, cost attribution, and human escalation paths as procurement requirements, not after-the-fact fixes.

  • 01A useful benchmark for planning: Gartner pegs AI spend growth in customer service at 38% versus 2% budget growth overall, a mismatch that forces reallocation and harder ROI proof.
  • 02Only 44% of organizations have adopted AI FinOps-style guardrails, according to Gartner. If AI is moving into production, chargeback and consumption limits need to be designed into the rollout.
  • 03Gartner also forecasts spending on securing AI will hit $4.8 billion in 2027, signaling that AI security is becoming a standalone budget line rather than a feature bundled into existing platforms.

Sep 1, 2026

How Targeted Patient Education Improves Outcomes - Stephen Page, SmarterHealth.AI

How Targeted Patient Education Improves Outcomes - Stephen Page, SmarterHealth.AI

Targeted patient education powered by AI can reduce preventable readmissions and improve health equity, but healthcare organizations must prioritize clinical oversight, data security, and ethical governance when implementing these solutions.

  • 01Preventable readmissions occur when patients misunderstand medications, miss symptom recognition, or lack clarity on follow-up instructions, creating clinical, operational and financial burdens for healthcare systems
  • 02AI-delivered patient education must meet three criteria: solve a meaningful clinical or financial problem, integrate naturally into care workflows, and avoid adding burden to patients or clinicians
  • 03Healthcare leaders evaluating AI tools should prioritize solutions that improve patient understanding, support clinicians, reduce avoidable utilization, protect data security, and demonstrate measurable clinical or financial results

Aug 31, 2026

Explore More Healthcare Insights

Read more expert perspectives from across Healthcare.

Browse Healthcare Hub

For B2B teams

Your experts could be publishing here

Stories like this one run on content MarketScale captures from real practitioners. See how your team's expertise becomes coverage in Healthcare and beyond.

Book a 15-minute demo

Or call us. No forms required. We pick up. 214-945-2512