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Market Extra: How close are we to recession? Depends on whom you ask

The latest monthly survey of global fund managers conducted by Bank of America Merrill Lynch found that bond managers, despite record leverage, are a lot less concerned about corporate debt levels than their equity counterparts. For investors, the crucial question is which group is right.

“The survey suggests that equity investors are treating this cycle as a regular cycle where they see high leverage and want to see it reduced. Bond investors, however, are taking into account the tax reform that will give companies more time to improve their balance sheets, prolonging this cycle,” said Hans Mikkelsen, credit strategist at BAML, in a Wednesday note.

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