Covenant Quality Plunges To All-Time Low
Covenant Quality is terrible but is it a long-term trend or skewed because of one month of data?
It’s never been better to be a high-yield issuer or high yield investor. According to Moody’s the US high yield default rate fell to a two-year low in the first quarter amid commodity price stability and lack of debt payment pressures after a long period of bond refinancing and maturity extensions.
Additionally, Moody’s Liquidity Stress Index slumped to its lowest level since November 2014 last month . . .
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