2021 Outlook: High Yield And The Road To Recovery
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Credit markets weathered a turbulent year in 2020 as the Covid-19 outbreak resulted in economic shutdowns, plummeting growth and volatile markets. Against this backdrop, fundamentals deteriorated, downgrades skyrocketed and default activity increased. After one of the quickest bear markets in history, fear-induced selling quickly turned to hopeful buying as fiscal stimulus and relentless US Federal Reserve (Fed) support helped restore confidence. Following the extreme spread widening in March and April, high yield staged an impressive rally as strong market technicals and persistent investor demand erased prior losses. After a string of positive vaccine news in November, high yield continued to rally on the prospects of a return to normalcy and continued economic recovery in 2021.
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