AllianceBernstein sees opportunity in European and emerging market credit markets and is steering clear of energy sector debt. “High-quality European high yield, on a dollar-hedged basis, is attractive,” Will Smith, director of U.S. high-yield credit at AllianceBernstein, says in the latest Credit Edge podcast from Bloomberg Intelligence. In EM corporate bonds, “you’re getting paid a lot more risk premium there — a lot more in spreads than you are in developed market credit markets,” Smith tells Bloomberg News’ James Crombie and Bloomberg Intelligence senior credit analyst Spencer Cutter. Smith and Cutter also discuss relative value and risks in oil and gas company debt. “Your antenna goes off when energy companies start returning capital to shareholders,” says Smith. See omnystudio.com/listener for privacy information.