LOS
ANGELES, Feb. 22, 2023 /PRNewswire/ -- The high
yield corporate credit market historically has acted as an early
warning signal for recessions. In a guest column for Pensions &
Investments, Robert Cohen, Director
of the Global Developed Credit team at DoubleLine Capital, explains
why high yield spreads remain low to moderate despite warning
signals from a raft of leading economic indicators.
"Some might feel tempted to misread the anomalous buoyancy of
the below-investment grade securities as an all-clear signal for
the economy. It is not," Mr. Cohen writes. "An upgrade in issuer
fundamentals and a changing of the guard in the sector's
composition, a decade in the making, undergirds this market's
resilience in the face of recessionary indicators."
Mr. Cohen goes on to analyze the evolution of the credit quality
of high yield corporates as an asset class. Then he shares his
outlook for this part of the fixed income universe and its
sectors.
To access the article, titled "Reading the macro and credit
messages from high-yield corporates," please click on the following
link:
https://doubleline.com/wp-content/uploads/Reading-Macro-and-Credit-Messages-from-HY-Corps_Cohen_021723.pdf
About DoubleLine
DoubleLine Capital is an investment adviser registered under the
Investment Advisers Act of 1940. DoubleLine's offices can be
reached by telephone at (213) 633-8200 or by e-mail at
info@doubleline.com. Media can reach DoubleLine by e-mail at
media@doubleline.com. DoubleLine® is a registered
trademark of DoubleLine Capital LP.
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SOURCE DoubleLine
