Q3 2020: Mixed signals

Despite multiple “worst-ever” indicators, U.S. equity and corporate credit markets rallied back to near pre-pandemic levels in Q2. With markets trending one way and economic data another, we’re left with mixed signals.
Showing 1–6 insights out of 61 results
Credit market commentary

Credit market commentary: June 2020

The recovery in markets continued in June, but at a slower pace amid concerns over rising COVID cases. HY Bonds and Senior Secured Loans still ended the month up, returning 0.97% and 1.14%, respectively, capping off the best quarter for each market since Q3 2009. Interest rates spiked early in the month before declining slightly, and the duration-sensitive Barclays Agg returned 0.63%.

Chart of the week

Spike in HY issuance stresses the importance of active management

Sales surging after near collapse? Our chart looks at how the massive spike in new high yield issues displays the importance of active management.

Research report

A CLO-ser look at structured products

The what, how and why of an asset class that we believe presents more opportunity than many think.

Credit market commentary

Credit market commentary: May 2020

Steps to reopen the economy and progress toward a COVID-19 vaccine created an optimistic sentiment for much of the month, as HY Bonds, Senior Secured Loans and structured products posted strong returns. Interest rates remained relatively rangebound and the duration-sensitive Barclays Agg had a slight gain.

Credit market commentary

Credit market commentary: April 2020

Markets broadly rallied in April on the back of unprecedented stimulus by Congress and the Federal Reserve. HY Bonds posted their strongest monthly performance since January 2019 while Senior Secured Loans recorded their largest one-month gain since 2009. A decline in interest rates following an early-month spike boosted the duration-sensitive Barclays Agg.

Research report

The Fed and fallen angels: Steer clear, or follow suit?

We examine an opportunity in credit markets recently impacted by action from the Federal Reserve.

Showing 1–6 insights out of 61 results

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