HY Bonds and Senior Secured Loans each endured their worst month since 2008, ending down -11.76% and -12.37%, respectively, as the global rout in risk assets continued. Historically, credit markets have been resilient, performing well following sell-offs and rewarding investors for buying in at or near current spread levels.

In this note, we take a look at the current corporate credit market impact, the effects of recent Federal Reserve policy response and the best course of action we see for investors moving forward.

Markets plunged in March, with energy leading the way down. Crude prices fell more than 5% due to a dual supply and demand shock. With global economies at a standstill and the world awash with oil, the market appears to be in a holding pattern.

We present a series of articles to offer guidance to investors, context from prior economic cycles, and details of policy solutions and expected impact.

Are wide spreads a signal to buy? Our chart looks at high yield bonds amid the recent sell-off and compares correlation vs. the Q4 2008 sell-off.

The outbreak of COVID-19 has caused an unprecedented dislocation in economic activity. We assess the current economic reality, the state of the CRE market as it entered this crisis, and what we’re watching as we progress through it.

Watch the latest webinar: Government stimulus overview and discussion We discuss recent federal action and its implications for the economy and financial markets. Originally recorded April 30, 2020. Paycheck Protection Program loan resources How-to guide for applying for the Paycheck Protection Program Small Business Administration’s frequently asked questions on the Paycheck Protection Program Small Business...