In an environment where front end yields remain attractive, but uncertainty is elevated, corporate treasurers are reassessing how much return can be captured at the front of the yield curve without compromising liquidity or principal stability. This session explores the concept of “stacking yield” through short duration credit exposure, focusing on breakeven analysis, historical risk outcomes, and the market conditions under which the strategy has—and has not—worked.

Attendees will examine why front end break evens have historically been compelling across most market environments, what level of spread widening would be required to erode that value, and where risks change when corporate solvency or broader market liquidity comes into question. The discussion will also touch on how central bank liquidity tools and historical policy responses have influenced front end market behavior during periods of stress. The session will include a real world treasury application illustrating how yield stacking decisions are evaluated and implemented within a diversified portfolio aligned to defined liquidity needs.

Learning Objectives:

1. Evaluate front end break evens and identify when short duration credit has historically offered attractive risk reward tradeoffs.

2. Identify conditions that support or undermine yield stacking strategies, including spread behavior and credit curve dynamics.

3. Apply a liquidity aware framework to determine when extending beyond money market funds may be appropriate

Speakers:

• Gregory Haendel, CFA, Managing Director - U.S. Bancorp Asset Management

• More surprise speakers to be revealed!