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Bank of America published its latest credit investor survey on December 18, which showed that the biggest risk investors are braced for in 2020 is market liquidity: only the second time ever that this factor has been uppermost in investors’ minds.
As for credit itself, investors are fully risk on.
“Spreads are tightening fast, and FOMO behaviour has been conspicuous of late (note single-B and CCC spreads are now ripping),” according to analyst Barnaby Martin, head of European credit strategy at Bank of America.
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