US credit: don’t worry about the macro, focus on technicals
Monday 05 February 2018
Research / Market
US credit: don’t worry about the macro, focus on technicals
The essential
What should we expect for US credit in 2018, in a context where spreads and volatility are closing in on cycle lows? We are already in the late phase of the cycle. However, we remain upbeat on US Investment Grade as some positive surprises can be expected. We are more cautious on US High Yield as the investors are now not rewarded for the risks taken on fundamentals.