Are We Really Out of The Woods?

The S&P 500 is now only 11% lower from the start of the year. Investment grade credit spreads have recovered more than half their move higher during the Covid-19 crisis. And with 5Y US Treasury yields having rallied by 100bps, this means that yields on many IG...

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Fed Supports Junk Debt; GE, Delta, Ryanair Ratings Cut

Markets had some encouragement over the long weekend as the Fed announced a support package of $2.3tn for local governments and small businesses and OPEC agreed to cut production by 10mn barrels per day to support oil prices. Despite this, Asian markets are opening...

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