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The second part of 2015 was characterised by renewed volatility. Spreads widened significantly in August, September and more recently in December, mainly on the back of increasing concerns tied to the consequences of the slowdown in China and the fall in oil prices.
Strategy and Economic Research at Amundi
The recent decoupling of US and European HY bonds finds its rationale in both bottom up and top down factors. Differences in market composition, in particular, played quite a role as the US speculative grade universe is more tilted to lower ratings than the European HY bonds.
Strategy and Economic Research at Amundi Milan