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Covid-19 and European high yield: a case of "darkest before dawn"?
The European high yield market experienced a dramatic sell-off in early March, dropping 20% YTD by the middle of the month, but recovering somewhat since as buyers have returned to the market. At the same time, an influx of ‘fallen angels’ downgraded from investment grade by the ratings agencies in the wider economic fallout, has impacted the market.