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Global credit cycle built for endurance

By Michael Buchanan, Deputy Chief Investment Officer and Robert Abad, Product Specialist at Western Asset Management Company LLC, a Legg Mason affiliate.

Investors continue to debate where we are in the global credit cycle and wonder if the party is about to end. After all, credit spreads have ground tighter over the past few years even as corporate sector leverage has crept higher and as global growth has softened. We maintain our long-standing view that the underpinnings of this cycle are more nuanced than those of prior cycles, and that credit market performance could improve beyond current market expectations. 

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