21 January 2022

Structural protection in private credit

Over the last 40 years, we have experienced an enduring bond bull market and yields on fixed income assets have fallen to record lows.

Structural protection in private credit

The compression on spreads has led to a reduction in the margin for error, magnifying the impact from any defaults. This has driven many investors to a buy and maintain approach, particularly pension schemes, for whom stable income generation is a key objective.

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