This Is The “Most Vulnerable” Index In Credit To Macro Risk

This Is The “Most Vulnerable” Index In Credit To Macro Risk

Well, this was pretty easy to see coming. Early last month, we said the following about high yield in an environment in which both the demise of retail and oil prices are headwinds: Amid questions about commodities, HY investors don’t really need another reason to think that what they’re holding is too rich. Or, put differently, that a decompression episode on the order of the mammoth spread compression we’ve seen over the last 14 months is in the cards. Given that, this chart is unnerv
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