Drifting Wider

Weekly Comment | Fixed Income

Market’s focus back to inflation and Central Bank tapering; recession narrative becoming more mainstream, supporting a “up-in-quality” positioning within credit markets as the focus is slowly shifting from inflation to (lower) growth

Credit spreads drifting wider over the past week; risk premium in capital structure risks is off the wides but still at a sizable distance to the January levels; we don’t see a mean-reversion scenario any time soon amid the current macro uncertainties and see investors remaining cautious in the near-term

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