We are constructive on high yield but keeping an eye out for signs of an over-extended rally.
Yields look attractive compared to six months ago, but spreads have discounted the potential for pro-growth fiscal policies.
Policy changes, including tax reform and deregulation, create opportunity and uncertainty.
Tight spreads necessitate caution, but improving credit fundamentals beget opportunities.
The recent rise in Treasury yields reflect a very optimistic “if” scenario based on the incoming administration’s anticipated policies.
Conditions bode well for credit, but a more aggressive Fed and geopolitics could bring volatility.
Direct lenders and middle market credit platforms will drive middle market CLO issuance.
The widely feared refinancing wave failed to materialize, but Fed timing remains a risk.
Reversing the trend earlier in the year, primary market opportunities look attractive as the secondary market trades rich.
Identifying relative value as investors struggle to digest a slew of transactions in a hot market.
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