22 NOV 2021

COVID Back in the Spotlight

News and insights

Key Points

Macro uncertainty with the fifth wave COVID resurgence in Europe, sentiment deteriorated for risky assets and re-opening themes

Lagarde emphasized on subdued pricing pressure once supply chain bottlenecks ease; rates retraced from earlier CPI overshoot; long end rates volatility less reactive to inflation print

Muted investor activities amid looming low liquidity holiday season and many outstanding downside macro risks; appetite for high beta new issue bonds less than usual

Most 2022 outlook publications calling for cautious positioning in credit, our portfolio waits patiently in the same camp

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