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Oaktree's Wayne Dahl on Credit Markets Right Now
Odd Lots
Credit: Understanding the Shift in Expectations
The shift in credit market expectations is influenced by the changing interest rate backdrop, moving from a low return world to a high return world. Despite narrow credit spreads, people are not overly concerned about defaults due to the attractive yields. The change has altered the dynamic and expectations around credit, making yields very appealing even though spreads have not widened significantly. Value in fixed income is evaluated based on yield, price, and spread, with the first two being very attractive and spreads at median levels, making it a favorable investment environment.
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