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The search for yield continues. Corporates were enabled to fund at their lowest ever levels as a consequence of flooding the financial system with liquidity and manipulating yield curves.
Earnings continue to be under pressure and while this matters less for IG corporates, HY entities are more sensitive. However, one can note that investors in their search for yield are ignoring the credit metrics in their traditional sense.
Current economic concerns are impacting Stocks while cash credit is proving to be more resilient. Equities are volatile and investors are in search for stability, in fact capital preserving with a bit of yield seem to be the order of the day for many.
No one is expecting double digit returns in 2013, but we look forward to tighter spreads and lower corporate bond yields.
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