Performing Credit Quarterly 1Q2023: Flight Risk
The Insight by Oaktree Capital
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Investment Grade Credit Mark a Conditions in 1Q2023
The asset class strengthened in 1Q2023, generating a return of 2.8%, largely due to slowing inflation and optimism that the Federal Reserve's interest rate hiking cycle is coming to a close. Fears of a looming recession exacerbated by the stress in the banking sector caused modest spread widening. Rising recession risk may make investment grade debt attractive on a relative basis. Tens of sectors could potentially offer compelling value if the economy deteriorates.
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