23 AUG 2021

Tough Love

News and insights

Key Points

Mixed global data and the unsettled Delta variant coupled with expensive markets sets the backdrop of the current “tough love” situation for risky assets

We switch to neutral risk positioning by reducing downside convexity given where valuations are

Credit vol elevated due to higher hedging demand, divergence in IG andHY credit correlation suggests quality decompression in the near term

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