Spreads have re-priced wider than anyone imagined, the question is: Will it get worse when the Fed raises rates? Hans Mikkelsen More Quotes by Hans Mikkelsen More Quotes From Hans Mikkelsen People are starting to look at that and saying that the Fed will not act for a long period of time. Hans Mikkelsen business Valuations are more attractive now, but our concerns are about the technicals rather than fundamentals, the technicals still have to play out. Hans Mikkelsen mergers-acquisitions Recall that - unlike the credit market - the equity market well into 2008 was very complacent about the subprime crisis that led to a full blown financial crisis, while we are not predicting another financial crisis, it is important to keep highlighting to investors across asset classes that conditions in the high grade credit market are currently very unusual. Hans Mikkelsen mergers-acquisitions The key reason for this weakness is that our market has transitioned from too much money chasing too few bonds to too many bonds chasing too little money, that shift is motivated by the impending Fed rate hiking cycle as issuance, M&A and other shareholder-friendly activity has been accelerated, while at the same time demand has declined. Hans Mikkelsen mergers-acquisitions
