Episode 93: Municipal Bond Yields Are the Highest in a Generation

Investors currently can earn attractive yields from tax-exempt municipal bonds: Triple-A munis are yielding about 3.1% for five-year maturities, 3.6% for ten years and 4.9% for thirty years. For investors in the top federal tax bracket, on a taxable-equivalent basis that's above 5%, 6%, and 8%, respectively, and double-A and single-A rated issuers pay even higher yields. Municipal bonds can become a income workhorse for investors and an important sector in many of our portfolios, and Allen Li, Head of Municipal Bonds at Guggenheim Investments, joins Macro Markets to discuss market opportunities and risks.Related Content:Fourth Quarter 2026 Fixed-Income Sector ViewsMacro Markets Podcast Ep. 92: Growth and Markets While the Fed Is in Play: Macro Themes and Market DriversThird Quarter 2026 Quarterly Macro ThemesInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. During periods of declining rates, the interest rates on floating rate securities generally reset downward and their value is unlikely to rise to the same extent as comparable fixed rate securities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Municipal bonds may be subject to credit, interest, prepayment, liquidity, and valuation risks. In addition, municipal securities can be affected by unfavorable legislative or political developments and adverse changes in the economic and fiscal conditions of state and municipal issuers or the federal government in case it provides financial support to such issuers. Income from municipal bonds may be subject to the federal Alternative Minimum Tax.This material is distributed or presented for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author, but not necessarily those of Guggenheim Partners or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this material may be reproduced or referred to in any form, without express written permission of Guggenheim Partners, LLC. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is not indicative of future results.Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Private Investments, LLC, Guggenheim Investments Loan Advisors, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.6055869

The Federal Reserve is back in play, with a rate hike at its last meeting and perhaps more on the way. Treasury yields and equity markets are volatile as participants assess the future direction of monetary policy alongside geopolitical risk, economic data, and inflation concerns. Evan Serdensky, portfolio manager on our Total Return team, and Matt Bush, our U.S. economist, join Macro Markets to discuss portfolio strategy and market dynamics in this environment, and review drivers of our economic outlook in our latest Quarterly Macro Themes publication.Related Content:Third Quarter 2026 Quarterly Macro Themes[LINK]Macro Markets Podcast Episode 91: Commercial Real Estate: An Uneven but Genuine RecoveryNon-Agency RMBS: Income, Convexity, and a Rebuilt MarketInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.5964171

Commercial real estate has had to weather many challenges since the pandemic, with office vacancies, higher interest rates, refinancing concerns, and the health of regional banks all weighing on the asset class. According to Tom Christopoul, Head of Global Real Estate at Guggenheim Investments, the worst is behind us and the market is in a genuine recovery, but it differs sharply by sector, geography, and position in the capital stack. He joins Macro Markets to discuss sector-by-sector opportunities and risks, capital flows, how AI is reshaping real estate fundamentals, and the attractive demographic and technical tailwinds behind senior housing.Related Content:The Advantages of Investing in Infrastructure and Other Real AssetsRead moreThird Quarter 2026 Structured Credit Outlook: Non-Agency RMBS: Income, Convexity, and a Rebuilt MarketRead MoreFixed-Income Strategy While the Market Tests the FedAnne Walsh joins Macro Markets to discuss portfolio strategy, ETFs, and why 2026 will not be like 2022 for bonds.Listen nowThird Quarter 2026 Fixed-Income Sector ViewsSound credit fundamentals and elevated yields to weather tail risks to our outlookRead moreInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.5841537

An impatient bond market has steepened the yield curve as the Warsh-led Federal Reserve seeks to establish credibility as an inflation fighter and clarity as a communicator. Meanwhile, the resilience of the US economy and corporate earnings is offsetting tail risks like geopolitics and possible change in consumer sentiment. Anne Walsh says there is a lot of opportunity in an environment like this, and she joins Macro Markets to discuss portfolio strategy, ETFs, and why 2026 will not be like 2022 for bonds.Related Content:Third Quarter 2026 Fixed-Income Sector ViewsSound credit fundamentals and elevated yields to weather tail risks to our outlookRead Fixed-Income Sector ViewsBeyond the Private Credit Headlines: Finding Opportunity in a Noisy MarketHead of Private Debt Origination Joe McCurdy and Portfolio Manager Rusty Parks join Macro Markets to discuss opportunities and emerging risks in the private debt sector.Listen Now Quarterly Macro Themes Our latest Macro Themes updates our economic outlook, examining drivers of growth and emerging risks in the second half of 2026.Read Quarterly Macro Themes Important Notices and DisclosuresInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. During periods of declining rates, the interest rates on floating rate securities generally reset downward and their value is unlikely to rise to the same extent as comparable fixed rate securities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Investors in asset-backed securities, including collateralized loan obligations (“CLOs”), generally receive payments that are part interest and part return of principal. These payments may vary based on the rate loans are repaid. Some asset-backed securities may have structures that make their reaction to interest rates and other factors difficult to predict, making their prices volatile and they are subject to liquidity and valuation risk. CLOs bear similar risks to investing in loans directly, such as credit, interest rate, counterparty, prepayment, liquidity, and valuation risks. Loans are often below investment grade, may be unrated, and typically offer a fixed or floating interest rate. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed or presented for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author, but not necessarily those of Guggenheim Partners or its subsidiaries. The opinions contained herein are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable but are not assured as to accuracy. No part of this material may be reproduced or referred to in any form, without express written permission of Guggenheim Partners, LLC. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information. Past performance is not indicative of future results.Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Private Investments, LLC, Guggenheim Investments Loan Advisors, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, and GS GAMMA Advisors, LLC.RO 5812246

Private credit has experienced significant growth in recent years, fueled by institutional and individual investors that have recognized the potential for high risk-adjusted returns and borrowers’ need to expand credit channels beyond banks and public debt. Besides gathering assets, in the last several months the sector has also accumulated its share of headlines. Joe McCurdy, Head of Private Debt Origination, and Portfolio Manager Rusty Parks join Macro Markets to provide an update on the sector, discuss where they see opportunities and emerging risks, and share the one assumption they make whenever they evaluate a credit. Related Content:Investing in Private DebtInvestment opportunities in directly originated loans.Read MoreMacro Markets: Halftime Analysis for Investors: Macro Themes and Market Drivers for 2H2026 and BeyondU.S. Economist Matt Bush and Market Strategist Maria Giraldo join Macro Markets to discuss our 2Q2026 Quarterly Macro Themes.Listen Now Second Quarter 2026 Quarterly Macro Themes Our latest Macro Themes updates our economic outlook, examining drivers of growth and emerging risks in the second half of 2026. Read 2Q26 Quarterly Macro Themes Investing involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.RO 5752704

War, oil spikes, and a transition at the Federal Reserve contributed to a volatile first half of 2026, but the relative calm at the year’s mid-point is an opportune time to examine some of the forces that could drive markets in the coming quarters. U.S. Economist Matt Bush and Market Strategist Maria Giraldo join Macro Markets to discuss the investment implications of our latest Quarterly Macro Themes, including the growth engine and inflationary impact of AI investment, expectations for rates and spreads, the wild card of energy prices, and more.Related Content:Second Quarter 2026 Quarterly Macro Themes Our latest Macro Themes updates our economic outlook, examining drivers of growth and emerging risks in the second half of 2026.Read 2Q26 Quarterly Macro Themes Macro Markets: The Complexity Premium in Structured Credit: The Opportunity Set TodayKarthik Narayanan joins Macro Market to discuss the appeal of structured credit, opportunity and risk in the current environment, and where we are investing today.Listen Now “Space X is the new proxy for risk appetite.”Anne Walsh, CIO, joins CNBC Power Lunch to discuss Federal Reserve policy, the emerging threat of an equity market bubble, and which asset classes may help balance portfolio exposure.Watch NowInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP 5731325

Investors today are navigating a set of complex macroeconomic, geopolitical, and market forces. Whatever the market conditions, Guggenheim Investments leans in to structured credit as an important allocation in most of our fixed-income strategies. In Part 2 of this episode, Karthik Narayanan, Head of Structured Credit, joins Macro Markets to discuss where we are finding value and risk in today’s market.Related Content:Corporate Credit QuarterlySolid corporate fundamentals continue to anchor our constructive view on credit.Read Now Macro Markets: Portfolio Strategy as Oil Stays Elevated and ‘Regime Change’ Comes to the FedInsights on the FOMC decision, inflation, and the possible path of oil prices.Listen Now The Advantage of Investing in Real Assets and Infrastructure The dynamic landscape of infrastructure investing offers diverse opportunities across sectors and the risk-return spectrum.Read ReportInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.SP XXXXX

Investors today are navigating a set of complex macroeconomic, geopolitical, and market forces. Whatever the market conditions, Guggenheim Investments leans in to structured credit as an important allocation in most of our fixed-income strategies. In Part 1 of this episode, Karthik Narayanan, Head of Structured Credit, joins Macro Markets to discuss the fundamental appeal of the sector and its relative and absolute value.Related Content:Corporate Credit QuarterlySolid corporate fundamentals continue to anchor our constructive view on credit.Read Now Macro Markets: Portfolio Strategy as Oil Stays Elevated and ‘Regime Change’ Comes to the FedInsights on the FOMC decision, inflation, and the possible path of oil prices.Listen Now The Advantage of Investing in Real Assets and Infrastructure The dynamic landscape of infrastructure investing offers diverse opportunities across sectors and the risk-return spectrum.Read ReportInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.RO 5564384

The Federal Reserve held rates steady last week, as expected, but the backdrop is anything but routine. Portfolio Manager Adam Bloch and Head of Macroeconomic Research and Market Strategy Patricia Zobel join Macro Markets to share insights on a range of market issues, including the FOMC decision, inflation and the possible path of oil prices, private credit volatility, and market opportunities and risks as Jay Powell prepares to pass the monetary policy baton to Kevin Warsh.Related Content:Successful Investing Means Looking Through the NoiseAnne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to discuss market dynamics amid geopolitical tensions and why private debt remains a good place to invest.Watch VideoSecond Quarter 2026 Fixed-Income Sector Views Identifying relative value across the fixed-income market.Read 2Q26 Fixed Income Sector Views The Advantage of Investing in Real Assets and Infrastructure The dynamic landscape of infrastructure investing has diverse opportunities across sectors and the risk-return spectrum.Read ReportInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.RO 5453624

What is next for corporate credit—investment-grade and high yield corporate bonds and leveraged loans—after a volatile first quarter? Credit fundamentals were sound coming into 2026, and while the U.S. economy has shown resilience, the path of energy prices and geopolitical risk continues to stay elevated. Tom Hauser, Head of Corporate Credit, and Dan Montegari, Head of Research for Corporate Credit, join Macro Markets to help us make sense of these dynamics and their potential impact on corporate credit portfolios and the outlook going forward.Related Content:Successful Investing Means Looking Through the NoiseAnne Walsh, CIO of Guggenheim Partners Investment Management, joins CNBC to discuss market dynamics amid geopolitical tensions and why private debt remains a good place to invest.Watch VideoSecond Quarter 2026 Fixed-Income Sector ViewsIdentifying relative value across the fixed-income market.Read 2Q26 Fixed Income Sector Views The Advantage of Investing in Real Assets and InfrastructureThe dynamic landscape of infrastructure investing has diverse opportunities across sectors and the risk-return spectrum.Read ReportInvesting involves risk, including the possible loss of principal. In general, the value of a fixed-income security falls when interest rates rise and rises when interest rates fall. Longer term bonds are more sensitive to interest rate changes and subject to greater volatility than those with shorter maturities. High yield and unrated debt securities are at a greater risk of default than investment grade bonds and may be less liquid, which may increase volatility. Private debt investments are generally considered illiquid and not quoted on any exchange; thus they are difficult to value. The process of valuing investments for which reliable market quotations are not available is based on inherent uncertainties and may not be accurate. Further, the level of discretion used by an investment manager to value private debt securities could lead to conflicts of interest.This material is distributed for informational or educational purposes only and should not be considered a recommendation of any particular security, strategy, or investment product, or as investing advice of any kind. This material is not provided in a fiduciary capacity, may not be relied upon for or in connection with the making of investment decisions, and does not constitute a solicitation of an offer to buy or sell securities. The content contained herein is not intended to be and should not be construed as legal or tax advice and/or a legal opinion. Always consult a financial, tax and/or legal professional regarding your specific situation.This material contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward-looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.Guggenheim Investments represents the investment management businesses of Guggenheim Partners, LLC. Securities offered through Guggenheim Funds Distributors, LLC.© 2026 Guggenheim Partners, LLC. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC.RO 5441129