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Full Energy Retard
Some of the most incredible charts you'll ever see are those depicting spread compression in corporate credit over the past 12 months.
Put simply, we've gone from "panic" to "priced to absolute protection" in the short span of a year. And that goes for both IG and HY.
The rally in HY is in no small part due to crude's recovery from the deflationary doldrums of January/February 2016. The Shanghai Accord and the Fed's subsequent clean relent (the March 2016 meeting) helped to put a lid on dollar
