High yield
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Monthly Cross Asset 8.09.2021 HY default rates: recent and expected trends

Persistent supportive funding conditions and the improved macro picture are consistent with a current and expected benign picture for US and European default cycles, which are likely to remain on a downward trend in the coming months.

More 5 to 10 minutes
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Monthly Cross Asset 30.03.2021 Speculative grade default cycle: an earlier peak and an expected benign trend
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Extraordinary policy intervention has made this HY default cycle unusually short-lived, helping to limit quite significantly the rise in defaults among mid- and high-rated speculative grade companies. A turn into a more benign falling trend over the next quarters looks likely, in light of improved macro perspectives, expected progress in vaccinations and encouraging signals from financial drivers.

More < 5 minutes
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Monthly Cross Asset 4.11.2020 HY default cycle and rating changes: how it is "different" this time
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Despite a severe macro contraction, policy reaction to the covid-crisis limited most of corporates’ rating migration and HY defaults to low-rated debt.

More 5 to 10 minutes
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Insights Paper 22.04.2020 Revisiting the global high yield outlook in the wake of the COVID-19 pandemic
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Global HY markets sold off aggressively between February and March in response to the COVID-19 outbreak, the oil price war and the liquidity freeze in some markets.

More > 10 minutes
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Insights Paper 21.02.2020 Global high yield outlook: Be confident, but not complacent
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Last year was a strong year for global bond markets, which were supported by the accommodative stance of the main central banks and strong investor demand. US, European and EM high yield (HY) bonds all returned more than 14% swapped into US dollars.

More > 10 minutes
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Monthly Cross Asset 6.12.2019 Corporate fundamentals are at the centre of the game
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Over the last decade, easy financial conditions encouraged an increase in sovereign and corporate debt.

More 5 to 10 minutes
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Insights Paper 4.11.2019 High Yield: deep diving needed due to a more uncertain outlook
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Global growth has been slowing since 2018, due to a combination of factors, including trade wars - with consequently slower global trade - past US Fed tightening, and rising geopolitical risks. losing momentum.

More > 10 minutes
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Insights Paper 23.05.2019 High Yield: Oasis in search for yield?
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Since early 2016, US HY default rates have experienced a sort of “mini –cycle”, peaking at the end of 2016.

More > 10 minutes
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