2020, for better or worse, will be a year to remember. The COVID-19 pandemic brought unprecedented changes across global markets through extremely accommodative monetary policies and fiscal support that dwarfed relief packages enacted during the Global Financial Crisis, likely having impacts on consumer behavior for years to come. Heading into 2021, we believe structured products will continue to recover amid sustained monetary support from central banks, with economic growth buoyed by COVID-19 vaccines and the potential for additional fiscal stimulus measures. While some structured-product spreads retraced a sizable amount of the widening experienced in March, securitized credit largely lagged the recovery in corporate bond spreads.