High yield market evolution, AI's impact on credit quality, rising refinancing risks from elevated rates, and opportunities in fixed income. Key Takeaways: Software sector faces reckoning: Up to one-third of leveraged loan software companies may disappear as AI enables clients to build capabilities in-house, creating winners and losers similar to the energy crisis. 2028 maturity wall is critical: With B3-rated loans maturing and floating rates elevated, companies face significant refinancing challenges. Survivors will tap bond markets, private debt, or negotiate amend-and-extend deals. High yield remains insulated but offers moderate returns: The market is better quality than ever (55-60% double B-rated), offering low-sevens yields with three-year duration, but isn't "screaming cheap"; expect high single-digit returns playing for coupon plus.