Investment grade credit market update: Implications of the COVID-led recession

The Investment Grade credit markets have behaved more like Junk Bond markets or Emerging Markets during March as investors digested the impact of COVID-19 on major economies and companies. IG Spreads more than tripled from 102bps at the beginning of the year to over 370bps on 20th March and daily moves of 20-50bps became common headlines during the month and Companies rushed to issue a record of $260bn in March ($540bn YTD) in preparation for recession and further disruptions. What will the impact be on rating drift and downgrades in the Investment Grade universe, which sectors are most susceptible and what should investors be focused on when assessing the medium and long term impact of the recession into company fundamentals? How have IG markets been trading, how difficult has liquidity been to manage and what impact have the credit buying programs from both the Fed and the ECB had into these markets? Finally, where do we see the best relative value opportunities emerging in IG markets? Join our esteemed panel of senior credit analysts and portfolio managers from our GFICC team, including Head of Research, Kay Herr, and Head of Global Credit Investment Team, Lisa Coleman, to discuss their views on corporate fundamentals and market liquidity across key industry sectors and countries, directly from the front line. Speakers Kay Herr, Head of Research Lisa Coleman, Head of Global Credit Investment Team Warren Leonard, Senior Research Analyst – Energy Michael Kolster, Senior Research Analyst – US Banks Edward Mui, Senior Research Analyst – Airlines and EETCs Moderated by: Travis Spence, International Head of Investment Specialists Standard International Access +44 (0) 20 3003 2701 PIN: 3758709# France Toll Free 0805 630062 Germany Toll Free 0800 673 7933 Ireland Toll Free 1 800 932 993 Italy Toll Free 800 905 844 Netherlands Toll Free 0 800 022 4206 Spain Toll Free 800 300207 UK Toll Free 0808 109 0701 USA Toll Free 1 877 419 2272