Resilient Returns in a Fragmented European Credit Landscape

This report, authored by BlueBay’s Developed Market Special Situations team, outlines five years of event-driven credit investing and the evolving mid-market opportunity set. 

• The fund has delivered +92% net returns over five years, with low correlation to major indices and performance driven by hard catalysts rather than beta.

• Portfolio positioning reflects rising European restructuring needs, particularly in Germany, the UK and France, with distressed exposure increasing as bifurcation deepens.

• Anticipated 1H 2026 restructuring activity and private-credit stress may expand the opportunity set.

Explore the full report to examine the catalysts, risks and positioning shaping the next phase.