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With the number of companies issuing BBB-rated bonds soaring since the financial crisis, there have been worries that a wave of downgrades could dent the high-yield and credit market in 2019, given the higher level of leverage on these bonds.
China’s emphasis on deleveraging has softened in recent months, but credit flow to privately owned enterprises remains weak. As shadow banking fades, bigger players in the banking system could be pushed to take on more credit risk and increase support to private companies. In the near-term, we expect to see more onshore defaults and volatility.
Investors can hardly have failed to notice the increase of volatility across various assets. European investment grade markets, in particular, have lately been characterised by a dearth of liquidity causing wide fluctuations in prices. In these turbulent times, we prefer European investment grade credit over European sovereign bonds as the income generation of the former will rewards investors in the long run.
If you were to ask Alexa, your virtual assistant, which Emerging Market Debt asset class offers the best risk / return prospects, what would she say right now?