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Sector Views

Our Sector Reports include institutional investor commentary that explores past performance, future outlook and investment implications for various market sectors.



November 06, 2020 | High-Yield and Bank Loan Outlook

Opportunities in Credit Amid Challenging Conditions

Credit spreads still have room to tighten, but default risk remains elevated in certain sectors.


August 19, 2020 | High-Yield and Bank Loan Outlook

The Impact of the Fed’s Corporate Credit Facilities

As a result of the Federal Reserve’s efforts to shore up credit markets, the leveraged credit sector has delivered stellar performance since the lows in March.


May 20, 2020 | High-Yield and Bank Loan Outlook

Reaching the End of the Runway

While the U.S. speculative-grade default rate could reach 15 percent in this cycle, the market is offering better entry points than seen in years.


February 11, 2020 | High-Yield and Bank Loan Outlook

The Relative Value Case for Bank Loans Over High Yield

Loans present an opportunity to move up the capital structure with better spreads and yields than high-yield corporate bonds.


October 29, 2019 | High-Yield and Bank Loan Outlook

Don’t Be Tempted by CCC Bonds and Loans

Lower-quality credit spreads have more potential to widen than tighten.


July 17, 2019 | High-Yield and Bank Loan Outlook

High-Yield Credit in a Fed Easing Cycle

High-yield corporate bond spreads and bank loan discount margins typically widen when the Fed is lowering interest rates.


May 17, 2019 | High-Yield and Bank Loan Outlook

Quantifying the Credit Risk and Default Runway

After the recession starts, high-yield bond and bank loan issuers have at least a 12-month runway before we experience a large wave of defaults.


January 18, 2019 | High-Yield and Bank Loan Outlook

Up the Escalator, Down the Elevator

An uptick in corporate defaults in 2019 will mark the beginning of a prolonged period of stress in the corporate bond market.


October 15, 2018 | High-Yield and Bank Loan Outlook

Beneath the Tide of Rising Earnings

High-Yield and Bank Loan Outlook: Factors that have contributed to strong earnings growth this year will fade in 2019 and turn into headwinds in 2020, exposing leveraged corporate borrowers.


July 18, 2018 | High-Yield and Bank Loan Outlook

Late-Cycle Boost and Boom 

High-Yield and Bank Loan Outlook: Investors should stay guarded for exogenous shocks that could pull the next recession forward and cause markets to reprice credit risk.

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