US credit outlook: Pramerica, BlackRock & Alliance Bernstein
On a recent visit to New York, Credit met up with senior figures at three of the largest fixed income asset managers globally to hear their thoughts on where the US credit market is heading next and what the risks are for investors.
What’s your outlook for corporate credit?
Underlying credit fundamentals in US corporates are very strong. Corporate America by and large deleveraged back in 2001–2 when you had a business-led slowdown in the economy. That is when the consumer side of real estate was starting to go gangbusters.
Since that recession, behaviour has been much more responsible in terms of corporate leverage. The real problem
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