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Covid-19 – Fixed income update briefing


Credit and loans markets have continued to recover strongly, boosted by the ECB’s announcement to extend its stimulus package.

In this short summary, we highlight how the leveraged loans and main government and credit markets have been performing during the ongoing Covid-19 crisis, and identify some of the key drivers of recent market activity.

  • Credit markets had a strong week in early June, boosted by the European Central Bank (ECB) announcement to extend its stimulus package, as risk assets continued their recent strong reversal from the retrenchment experienced in Q1.
  • Some forward-looking indicators showed better than expected recoveries from their previous lows, although data showing previous economic activity is expected to continue to demonstrate the severity of the slowdown. Market activity has been supported by further official interventions, which also reflects widespread expectations of a sharp, or even ‘V’ shaped, recovery.
  • The European loans market also continues its strong recovery, supported by stimulus-driven demand.

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