Credit markets were mixed in September, with HY Bonds posting a -1.04% return and Senior Secured Loans returning 0.63%. Interest rates remained relatively rangebound throughout the month and the duration-sensitive Barclays Agg returned -0.05%, its second straight monthly decline.

Strong corporate and economic data caused high yield bonds and senior secured loans to rally. High duration portfolios, like the Barclays Aggregate, continued to struggle amid rising rates. High yield bonds generated their strongest quarterly return since Q1 2017.

Credit rallied last month alongside broader markets. High yield rose 2.85% while floating rate senior secured loans gained 1.03%.

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

Credit markets remained positive in October, despite experiencing weakness during the last week of the month alongside a sell-off in equities.

Credit indices fell alongside equities in October, while rising interest rates weighed heaviest on the Barclays Agg. Equities and high yield credit declined in a volatile trading month. Senior Secured Loans generally held steady and captured upside to October’s rising rates, which caused the Barclays Agg to trade down.

Markets broadly rallied once again in November on early signs inflation may be cooling and the Fed may soon slow its aggressive pace of rate hikes.

Credit markets declined in November. Loans returned -0.16% while HY bonds were down -1.02%, their second monthly decline and worst performance since March 2020.

Credit rallied amid broad market strength in November on news of multiple potentially viable COVID-19 vaccines.

Despite positive equity returns for the month, fixed income markets signaled a risk-off view as credit markets declined and the 10-year Treasury rate fell.