Goldman Presents: “The Good, The Less Good, And The Ugly”

Goldman Presents: “The Good, The Less Good, And The Ugly”

So earlier today, SocGen's Andrew Lapthorne revisited one of his favorite topics: rising leverage and the extent which equity markets are punishing weak balance sheets while credit markets, notably HY, are not, as evidenced by still tight spreads despite deteriorating fundamentals. The disconnect between HY corporates' ability to service their debt and how confident the market seems to be in these same companies is readily apparent in the following chart from the IMF which has been making the
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