U.S.: Overweight High Yield
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Junk spreads for all credit tiers remain above our spread targets. At present: The Ba-rated option-adjusted spread is 214 bps, 35 bps above target. The B-rated spread is 356 bps, 79 bps above target. The Caa-rated spread is 709 bps, 145 bps above target. An…
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