FS credit market commentary

MARCH: Treasury rates fell following the Fed’s dovish tone at their March meeting, boosting the more duration-sensitive Barclays Agg.
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FS credit market commentary

FEBRUARY: Credit markets continued their fast start to the year, posting solid returns in February. The duration-sensitive Barclays Agg declined modestly, underperforming credit indices.
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FS credit market commentary

JANUARY: Following a month of heightened volatility, the leveraged credit markets rebounded in January. High yield bonds posted their largest monthly return since 2009 and senior secured loans erased all of the declines experienced in December.
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FS credit market commentary

DECEMBER: Amidst broad market volatility and record outflows, HY Bonds and Senior Secured Loans fell in December. 10-year U.S. Treasury rates fell as investors sought safety in government bonds.
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FS credit market commentary

NOVEMBER: Despite positive equity returns for the month, fixed income markets signaled a risk-off view as credit markets declined and the 10-year Treasury rate fell.
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FS credit market commentary

OCTOBER: Credit indices fell alongside equities in October, while rising interest rates weighed heaviest on the Barclays Agg. Equities and high yield credit declined in a volatile trading month. Senior Secured Loans generally held steady and captured upside to October’s rising rates, which caused the Barclays Agg to trade down.
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FS credit market commentary

SEPTEMBER: Strong corporate and economic data caused high yield bonds and senior secured loans to rally. High duration portfolios, like the Barclays Aggregate, continued to struggle amidst rising rates. High yield bonds generated its strongest quarterly return since Q1’17.
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FS credit market commentary

AUGUST: High-duration fixed income, such as the Barclays Agg, performed well in August due to falling 10-year U.S. Treasury yields. Strong corporate earnings and U.S. economic data provided tailwinds for HY Bonds and Senior Secured Loans.
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