In Germany, Italy, Spain and Netherlands the BBFM S.A is operating under a branch passport pursuant to the Undertakings for Collective Investment in Transferable Securities Directive (2009/65/EC) and the Alternative Investment Fund Managers Directive (2011/61/EU). (BBFM S.A.), which is regulated by the Commission de Surveillance du Secteur Financier (CSSF). This document is a marketing communication and it may be produced and issued by the following entities: in the European Economic Area (EEA), by BlueBay Funds Management Company S.A. In this note, we’d like to highlight five key reasons why this view does not stand up to scrutiny and we strongly believe that the opposite approach is a better one, on a risk-adjusted basis. We find this perspective deeply troubling and likely misguided. ![]() In recent times, however, both in client meetings and at investor conferences, we came across an altogether different perspective.Ī variety of investors expressed a view that facing an uncertain economic outlook, they strongly prefer to invest in private credit, while avoiding public bond markets. The asset class has the support of limited maturities on the horizon and the lowest leverage since the Great Financial Crises. While we understand this perspective, we struggle to share the sentiment, especially in the case of the US high yield bond market. In our judgement, US high yield bonds are an attractive alternative to the risky private credit space.įacing a potential US recession, investors could make a legitimate case for avoiding leveraged finance until the dust settles. This website stores cookies for a duration of 365 days. The data is collected anonymously, stored by Google and used by us to create reports about website usage. The information collected by Google Analytics about usage of our website is not personally identifiable. Google Analytics generates statistical and other information about website usage by means of cookies, which are stored on users' computers. This website uses Google Analytics to collect anonymous information about how people use this website. This cookie allows you to browse the website in future without being shown our cookie notice every time. For example, a persistent cookie is used to record if you have accepted the use of cookies on the website. This website uses cookies as a means of offering visitors a personalized experience for future visits. This kind of information provides insight on how to improve the design, content and navigation of the website. They gather statistical data such as the average time spent on a particular page. These cookies do not contain personal or financial information. This website uses cookies to monitor and improve operations and functionality. ![]() Cookies cannot view or retrieve data from other cookies, or capture files or information stored on your computer.Ģ. When you visit a website, a cookie may be used to track the activities of your browser as well as provide you with a consistent, more efficient experience. A cookie is a small text file containing a unique identification number that a website sends to your computer's web browser.
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