FEBRUARY: Energy markets continued to bounce back from Q4 lows. Oil prices rose moderately as OPEC has started to implement planned production cuts. Q4 midstream earnings were generally solid and investors may finally be getting comfortable with the space.
JANUARY: Following a month of heightened volatility, the leveraged credit markets rebounded in January. High yield bonds posted their largest monthly return since 2009 and senior secured loans erased all of the declines experienced in December.