Default rate could misrepresent HY market health. QE and looser covenants will prolong the inevitable bankruptcy filing while bond prices will move lower to reflect capital impairment risk.
Disclaimer
The views expressed are those of the portfolio manager as of November 2019, are subject to change, and may differ from the views of other portfolio managers or the firm as a whole. These opinions are not intended to be a forecast of future events, a guarantee of future results, or investment advice.
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