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Goldman Is Becoming Increasingly Bearish On Junk Bonds

As we reported at the time, back in March in what was the first shot across the junk bond bow, Goldman downgraded the weakest cohort of high yield, CCC-rated bonds, to underweight from neutral and upgraded BB-rated bonds to neutral from underweight, while keeping an overweight recommendation on the “median”, or B-rated bonds.

As shown in the exhibits below, and as Goldman’s chief credit strategist Lotfi Karoui admits, the performance of said rating allocation has been rather mixed. …

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