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

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.

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.

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.

COVID-19 impacts on corporate credit markets

Record-setting volatility? Our chart plots the S&P 500’s top 20 daily gains and losses and reviews recent swings in investor sentiment.

In this research note, we discuss what happens when many traditional sources of portfolio diversification fail, and how liquid alternative funds may offer a compelling case for diversifying exposure.

In this note, we attempt to measure the impact of specific industry shutdowns and outline uncertainties around knock-on effects on consumer spending, business investment and the efficacy of stimulus.