A Survey of the Tiered Landscape of Corporate Credit – Robert Cohen Nov. 2020
Posted: Thursday, November 19, 2020

The year 2020, and the decade leading up to it, have led to some interesting reversals in U.S. corporate credit, including irregularities across the investment grade (IG), high yield and bank loan markets. What is the state of play? Investment grade, due to years-long falling Treasury yields as well as spread compression and now buying by the Federal Reserve, has yields at or near all-time lows across all rating cohorts as of the publication date of this paper. In below investment grade credit, the distinction has blurred between the bank loan market, once regarded as higher quality, and the high yield bond market, historically regarded as riskier. In this paper, I will examine the different states of credit quality and risk pricing in these sectors.

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