Global

High-yield EM credit claws back losses but path ahead is perilous

  • EM credit has rallied since spreads peaked on 15 July, with the OAS on the Bloomberg EM Sovereign Index falling by 74bps

  • Spreads have fallen by 34bps for IG vs 174bps for HY, with the HY segment clawing back losses from previous sell-off

  • Volatility will continue amid rising recession risk and ongoing Fed hikes, with high beta for HY likely to continue

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August 24th, 2022
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