Market commentary

Credit markets were mixed in September as investors increasingly accepted that rates may remain elevated for an extended period.

Credit markets saw another month of positive returns in August as high yield bonds returned 0.29% while senior secured loans returned 1.17%.

Credit markets experienced continued positive momentum in July amid positive economic data, moderating inflation and better-than-expected Q2 earnings reports.

Driven by stronger than expected economic data in June, credit markets turned higher as senior secured loans returned 2.26% while high yield bonds returned 1.63%.

Despite solid economic data and better-than-feared corporate earnings credit turned in mildly negative returns in May.

Following an extraordinarily volatile March, credit markets turned higher amid the more settled macro environment.