10/10/18

"We Are In Uncharted Junk Terrain": Corporate Credit Quality Is Far Weaker Than In 2000 And 2007



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"We Are In Uncharted Junk Terrain": Corporate Credit Quality Is Far Weaker Than In 2000 And 2007
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Last week, the euphoria over US high yield bonds hit new post-crisis highs when amid a sharp slowdown in supply, a rise in the oil price and generally solid economic conditions, insatiable buyers of junk sent the Bloomberg Barclays Corporate high yield spread to the lowest since before the financial crisis, dropping as low as 303bps, the tightest level since late 2007 before drifting somewhat wider during the late week bond rout.

As US junk bonds have ....

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