Capital Markets Review
In Q4, mulitple fundamental developments reinforced market sentiment and kept many investors positioned to add incremental risk despite the relatively weak economic environment and ongoing global pandemic. Importantly, two closely watched vaccine trials from Pfizer/BioNTech and Moderna released promising efficacy results leading to emergency...
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Investment Perspectives
Given the extent of the recent, pandemic-driver economic and market disruption and the highly levered state of most US corporate borrowers, we expect that a large and sustained distressed debt cycle is likely to emerge over the course of the next year. In past periods of economic stress, the inefficient...
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