Houston, we have a problem…
"Unprecedented" Global Policy Easing Has Failed To Curtail Credit Carnage
“It’s brutal. We have never seen such a big move in such a short amount of time… This is the quickest and most severe I have ever experienced, and I was around for 2008."
That is how Monica Erickson, a portfolio manager at DoubleLine, describes the carnage across every aspect of the credit markets that has erupted in just the space of the last few weeks.
For higher-risk 'junk' rated companies, the sell-off has been the most severe, with US high yield corporate bond risk topping 1000bps for the first time since 2009:
https://www.zerohedge.com/markets/unprecedented-global-monetary-policy-easing-failed-curtail-credit-carnage