Global

Includes quasi-sovereigns and special situations

Delegated to Dolan McEniry

The first quarter was a rollercoaster for global credit markets with a severe, homogeneous sell-off, followed by a sharp, if more modest, central bank-induced recovery.

Record outflows in March

Sector unlikely to be cause of any impending financial crisis

The global spread of the coronavirus led to a simultaneous shock on both the supply and the demand side of the affected economies.

The bull/bear debate in credit markets in 2020, is whether we face an early 1980s-type bear market or a 2008 valuation scenario.