Worrisome pace of downgrades in the leveraged loan market is likely to continue.
Liquidity remains strong after the largest post-crisis SASB and CRE-CLO deals.
WeWork’s failed IPO does not signal the demise of flexible office space.
Investors should continue to limit exposure to CCCs despite recent cheapening because of the asymmetry of potential spread outcomes.
Demand for investment-grade corporate bonds should remain strong.
Continued strong demand enables move up in credit quality.
New issuance and trading activity in the RMBS market reflect a change in investor focus.
Opportunity knocks as Fed rate cuts are likely to steepen the yield curve.
Lower-quality credit spreads have more potential to widen than tighten.
Prepayment risk for recently originated mortgages is high.
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