Prefer A- credits in the 6–7yr bucket, looking to roll both the Treasury and credit curves. Those maturities stand out on the credit curve. I bought NTT 32s when they traded at the 35 level; as they have since realigned with the curve and other maturities, I exited the position. UBS 7nc6 and HSBC 7nc6 look cheap versus the 5y and 10y on-the-runs.

Given the difficulty of generating meaningful P&L from spread tightening at this stage, carry strategies should serve as the core driver of portfolio returns — essentially, taking positions where the curve remains steep.