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Spreads Largely Pricing in a Full Recovery

Two line charts showing Bank Loan and High Yield Spreads. Chart subtitle: Bank loan and high yield spreads are now tighter than they were pre-pandemic. First chart description: Left y-axis shows Bank Loan Spreads, ranging from 0bp to 2,500bp. X-axis shows months in two-month increments, from December 2019 to April 2021. Second chart shows the same for High Yield Spreads. Lines in each chart are the same industries: Energy (Beat-Up), Retail (Beat-Up), Transportation (Beat-Up), Financial (More Stable), Tech (More Stable), and Utilities (More Stable), with descriptors applied to those industries that fared better or worse throughout the early 2020 COVID panic. In both charts, all industries spiked in March 2020 and have since fallen to pre-pandemic levels. Chart source: Credit Suisse Leveraged Loan Index 3-year discount margin over LIBOR and High Yield Index Spread over Treasuries.
Posted on May 26, 2021May 26, 2021 Full size 1433 × 775

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Published inSpreads Largely Pricing in a Full Recovery

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