Credit Recovers, Except US High Yield
When global markets sold off heavily during the Covid-19 crisis, credit was no exception, as major losses spread across most sectors of the global bond markets last March.
The subsequent recovery has been almost as spectacular, with some credit indices bouncing back to where they were exactly a year ago (chart rebased at 100 in July 2019), such as the Itraxx or the CDX IG. US high yield (CDX HY) continues to lag however, due to its exposure to the energy sector.
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