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JPMorgan Sees ‘Boring’ Excessive-Grade Debt Beating Junk in 2023

Nov. 22, 2022, 1:10 PM

JPMorgan Chase & Co. expects investment-grade bond spreads to tighten modestly within the coming months because the Federal Reserve approaches the top of its tightening cycle and massive banks dial again issuance, whereas the tempo of high-yield gross sales picks up subsequent 12 months.

  • “Increased yields will convey a couple of continued reallocation into comparatively ‘boring’ high-grade bonds on the expense of options,” JPMorgan analysts led by Eric Beinstein wrote in a observe on Tuesday
    • Alternate options like privates, crypto and different merchandise, which wooed some buyers when yields have been a lot decrease, have since turn out to be “painful investments”
    • Sees spreads ending 2023 at 155 foundation …

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