Choppy waters forecast

After years of credit markets grinding tighter, something has to give, and as we start 2018 we are beginning to see the first signs of credit fundamentals re-emerging

Arising tide lifts all boats” goes the popular saying, and since the financial crisis of 2007 central banks have flooded the market with liquidity. In the last five years, defaults have been low, dispersion has been low, and yields have been low. Liquid corporate credit therefore hasn’t been the most