Market commentary

Credit markets were mixed in October. Loans returned 0.27% while HY bonds ended their 12-month streak of gains, down 0.18%.

The global energy supply crunch could portend future energy market volatility.

Despite some modest weakness in high yield during the second half of September, we believe credit remains on solid footing for the remainder of 2021.

Green hydrogen may be a long way off, but could be the wild card in decarbonization.

The duration-sensitive Barclays Agg was negative in August as long-term interest rates rose slightly.

Declining long-term rates have begun to shift the technical picture in credit markets, which bear monitoring going forward.