Covid-19 winners and losers: Don't throw the baby out with the bath water

Which sectors have thrived - and which nosedived?

Andreas Nagstrup of Vanguard Asset Management

Andreas Nagstrup of Vanguard Asset Management

Covid-19 shock has created winners and losers in the credit world. How can credit investors benefit from this dispersion? Andreas Nagstrup, credit analyst at Vanguard Asset Management, is on the case.

The rebound in the credit markets from the coronavirus-induced sell-off early this year has been as uneven as it has been remarkable. While most companies' earnings, and by extension their creditworthiness, took a hit from lockdowns intended to contain the pandemic, some companies held up better than others. Successful companies generally were those that had been in sounder financial positions to begin with, were better able to adapt their operations to serve new customer needs or could cut costs in the face of reduced activity.  A tough first half for earnings Global earnings dro...

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