“This Is Not Sustainable”: Reversing The “Constant” Drop In Yields

“This Is Not Sustainable”: Reversing The “Constant” Drop In Yields

So yeah, the relentless hunt for yield catalyzed and perpetuated by central bank largesse has helped drive equally relentless spread compression up and down (or "down and up"?) the quality ladder. Can't getting any yield in govies? Well then I guess we're going corporate now. Can't get anything from IG? Well I guess we're going HY. Can't get anything from HY? Well maybe there's a struggling US energy producer ready to do a follow-on. Sh*t, we started in risk-free government bonds and before
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