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Views from the credit desk

Bullish and Bearish Cases

7 June 2021 |
Active ESG
2021 has seen a wide dispersion in asset price returns, driven by a more inflationary environment. Commodities, stocks and high-yield are up, but investment-grade and government bonds are down. In our latest Credit Pulse we consider the case for bullishness and bearishness about corporate conditions and the global economy, and suggest ways that credit investors can act on either sentiment.

When considering the case for bullishness and bearishness, we find it helpful to break our analysis up into three fields:

The macroeconomy
Corporate health
Exogenous factors

Watch the Credit Pulse debate entitled, ‘Bull vs Bear‘.

1 Bloomberg, as at June 2021

2 ‘Lenders struggle to recoup losses after US corporate debt defaults’, published by the FT in May 2021.

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