Fast reading:
- Yields and prices are at levels we have not seen for more than a decade, indicating that a moderate recession and even some systemic stress are already in today’s prices.
- Investors in the investment grade market today are receiving a yield similar to one year ago from a CCC-rated index.
- How does credit compare to equities? The credit market has produced comparable long-term returns to the equity market, but with much lower volatility.
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Credit markets: Too cheap to ignore
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