Technically speaking, the US 30 years government bond yields curve, from a long term point of view, is still in a bear market. But looking on a short and medium term basis, we must consider some elements to understand if prices could be in a retracement phase of a potential short term rising trend.
First of all, the 30 years Treasury curve, the week that Trump was elected, advanced with the most highly percent daily change in 30 years (1). The price broke the medium term downtrendline (2) but was not able to overcome the previous high around 3,25 of June 2015 (3).
Recent years have seen strong growth trends in the European corporate debt markets. This has provided a solid base for EHY to grow, becoming increasingly diversified with improved overall credit quality. Rather unsurprisingly, it is more appealing to investors as a result. With two full credit cycles since the late 1990’s behind it, the EHY sector is now an integral part of the global leveraged finance market. It may still be perceived as the smaller sibling of US High Yield, but that masks how fast it is growing and maturing.
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