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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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The views and forecasts expressed in any materials on this website are as of the date indicated, are subject to change without notice, may not come to pass and do not represent a recommendation or offer of any particular security, strategy, or investment. DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. There can be no assurance that the strategies described will achieve their objectives and goals.

Please note that by using this website and/or sending DoubleLine any information via this website, you acknowledge that any personal information you provide to us will be subject to our Privacy Policy, which has been designed to comply with applicable laws in the various jurisdictions in which DoubleLine does business.  If you have reached out to us on an unsolicited basis from outside the United States, local data privacy regulations may not apply to the information that you provide.

DoubleLine®, the DoubleLine logo, the DoubleLine Funds logo and The Sherman Show logo are all registered trademarks of DoubleLine Capital LP.

©2021 DoubleLine

 

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