Credit Check (Records Were Broken)

Credit Check (Records Were Broken)

Q1 2021 was the worst quarter for investment grade credit since Lehman. Total returns in US high grade took a hit from the backup in Treasury yields, which wreaked varying degrees of havoc across duration-sensitive assets. Supply was robust, to say the least. Three borrowers tapped the market Wednesday, putting the finishing touches on what ended up being one of the highest-volume first quarters ever for investment grade issuance. March saw around $200 billion in supply (figure below). Outside
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