Report
Peter Warburton ...
  • Yvan Berthoux
EUR 1476.13 For Business Accounts Only

Global Credit Perspective October 2019

The end of extend and pretend

The bifurcation of corporate credit is underway, as investors desert weaker-rated bonds in favour of investment grade and government bonds. Central banks can no longer throw their cloak of protection over the whole market. The blighted portion of the corporate debt market is expected to include high yield and some BBB bonds and leveraged loans.

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Economic Perspectives
Economic Perspectives

Economic Perspectives is a trusted provider of global macroeconomic and financial research with clients in North America, Asia and the UK.

EP research weaves complex and diverse information into coherent macro narratives, providing clear analysis and original market insights for global investors. Our clients benefit from our long experience in connecting economic developments with the credit and financial market outlook.

The analysis of developments in global private sector credit markets is fundamental to our understanding of the global economic and financial outlook. However, the actions and interventions of central banks and government have become increasingly important to our economic assessment.

For several years we have maintained that the only credible resolution of the 2008 global credit crisis is a resurgence of global inflation. We take an eclectic approach to the inflation outlook, considering political and socio-economic factors alongside macroeconomic drivers. We provide the multi-dimensional appraisal of the inflation outlook that is critical to formulating a successful investment strategy, at a time when inflation complacency is rife.

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Analysts
Peter Warburton

Yvan Berthoux

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