Investors in traditional credit markets face a more challenging and complex second half. We expect growth to slow for the remainder of 2023. Lending standards are tightening in many developed markets, a trend intensified by banking turbulence in the US and Europe. And riskier credit segments like high yield and leveraged loans are most at risk of spread widening and negative total returns, as borrower distress and default rates likely climb. Default volumes totaled USD 7.2bn in bonds and USD 6bn in loans in May, while US corporate bankruptcies stood at 236 between January and April this year (double the same period ... (full story)