High-Yield Credit Looks Resilient: Morgan Stanley
Last week’s bond sell-off has focused investors’ attention on fixed income, asking whether high yield debt in particular could be on shaky ground after years of historically low interest rates, tight credit spreads, and covenant lite debt. Morgan Stanley analyst Andrew Sheets argues that markets are behaving differently now than they did during the 2013 taper tantrum, and that it’s equities that should be more concerned about rising real rates.
“The fear . . .
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