Q4 Global Credit Outlook – Navigating a fragile market

Q4 Global Credit Outlook – Navigating a fragile market

Besides its aura of romance, navigation requires technical expertise. The main steps are “locate your position”, “determine a course”, and “monitor the course”.

Our Global Corporate Bond portfolio managers Christian and Marc, and our credit analyst Pam, have located the global credit market’s position and are now determining the course in their new Global Credit Outlook. Navigating the seas of global credit requires using multiple tools to stay safe in case of system failure, it is equally important to review the credit market from various angles.

Our structured analysis comprises the four main driving factors for global credit that the Global Corporate Bond Monthly Scorecard also evaluates:

1. Macroeconomics
2. Microeconomics
3. Technical factors
4. Valuations.

And as to the third step of navigation, “monitor the course”, this pertains to the daily job of fund management in which our team remains dedicated to our investment approach.

With spreads and yields at multi-year highs, resilient credit metrics, and supportive technicals, Christian, Marc, and Pam are finding interesting opportunities under current, more fragile market conditions.