Credit investors are "being paid to take risk, finally," according to Oaktree Capital Management's Danielle Poli. Overall spreads in credit markets continue to be pretty tight, but the yield has increased with the rise of US treasuries, creating attractive risk-adjusted opportunities, said Poli, a co-portfolio manager at the firm, on Bloomberg TV Tuesday.

Poli described a context of trouble brewing beneath a "calm surface" in credit markets as dispersion grows amid a shifting interest rate environment. "As you can imagine software is a large part, but we're also seeing stress in building products, telecom and some consumer," she said. Oaktree is "absolutely investing in and underwriting software, but part of that is because we took the time over the past year to trim some of our software exposure, so we're entering into this with a lower allocation, which makes us feel like we can add at these more opportunistic levels," she said.

Ahead of Wednesday's Federal Reserve rate decision, Poli said the firm is positioning for a broad array of outcomes. That comes as Federal Reserve Chair Kevin Warsh faces renewed pressure to raise borrowing costs, while President Donald Trump has been calling for lower interest rates. "I think what would surprise us the most is dissent on the committee that hasn't been factored in yet. We know Warsh held steady, but we'll see what his vote is tomorrow."