Episode 44: What’s next for the Fed and the high-yield bond market?
The Investment Intelligence podcast by Allianz Global Investors
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Are We Going to Have Stagflation or Slowflation?
High-yield spreads widened out to over 440 basis points in mid-March and they've since tightened to the high 300s. Investment grade was wider during the first quarter as well. Where does that leave us going forward? We think value has returned in corporate credit. And on a go-forward basis, we have a hard time seeing a significant number of defaults by both company, count, and also by percentage of market.
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