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.
It is shaping up to be an eventful year for investors with January alone presenting two unforeseen events – an escalation in US-Iran tensions and fears about the impact of the coronavirus outbreak.