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2021/04/22 / Erste Group Research

CCC-rated Bonds Overheating?

Within the high-yield segment, bonds with the weakest credit ratings (CCC +4.5%; B +2.8%) have outperformed the BB-rated segment(+1.7%) since the beginning of the year.

Relatively low short-term refinancing requirements for companies with weak credit ratings, fiscal and monetary policy support measures, banks granting concessions on credit terms and conditions, a brightening economic outlook including an expected improvement in earnings, declining default rates, investors searching for yield – these are all explanatory factors - but do they justify spread compression to such a strong extent?

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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, Eurozone
Currency in focusEuro
Sector in focus-


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