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Relative Value in Securitized Credit – September 2020
Posted: Wednesday, September 9, 2020

In March, the COVID-19 pandemic caused an abrupt market sell-off, which was largely driven by technical factors, including severe illiquidity. In response, the Federal Reserve announced the creation or re-activation of various Fed-sponsored financing facilities to support the function of, and the flow of credit to, numerous fixed-income markets. Credit markets reacted favorably and rebounded substantially. Through its myriad programs, the Fed elected to directly support some asset classes while providing less or no support to others. This is evident in the year-to-date (YTD) returns of those sectors directly supported by the Fed as they largely outperformed the sectors that received less to no direct support.

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