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Why One Analyst Is High On High Yield
High yield had a hell of a year in 2016.
In fact, at least as it relates to energy, you'd have been better off in HY credit than in equities:
(Chart: Goldman)
The thing to remember here is that this outperformance came as oil prices put up their best performance since 2009 - WTI rallied nearly 46%.
(Bloomberg)
It seems highly unlikely that crude prices will repeat that performance in the coming year and indeed, the return of US production at $50-$60/bbl could offset some of the moment
Reblogged this on A Lack of Liquidity.