December 2015

What’s Inside

  • For the first time since 2008, credit markets produced negative returns driven by global growth concerns, weak technicals, a collapse in commodity prices, and “late stage” corporate behavior.
  • Key Issue: Are spreads indicating a coming recession, or simply overblown fears such as those in 2011?
  • 2015 saw the widest dispersion of sector returns since 2008

Complete Commentary/Printable Article