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T. Rowe Price ("TRP") claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. T. Rowe Price has been independently verified for the twenty four-year period ended June 30, 2020, by KPMG LLP. The verification report is available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.

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December 2021 / FIXED INCOME

Credit Investing Roadmap for 2022

Navigating the credit cycle and the road ahead

Key Insights

  • Credit fundamentals across high yield and investment grade corporates are generally robust, in both emerging and developed markets.
  • On aggregate, we are broadly positive on high yield, neutral on investment grade and somewhat negative on emerging markets.
  • Within high yield, we see particular value in the leveraged loan market, and in areas such as mandatory convertibles and second lien loans.
  • In high yield, we expect to see a trend of rising stars migrating into investment-grade space, so the name of the game in 2022 will be predicting the upgrades.
  • In investment grade, amid inflation concerns, rising yields and the prospect of central bank tapering, the proportion of sub-zero debt is smaller than it was this time last year. The question is whether that will alter investor behaviour.
  • For investment grade investors, a key theme is semiconductor supply chain issues, especially in the auto sector. We think challenges will persist in 2022, but we think the bigger challenge to credit quality will be the transition to electric vehicles.
  • While emerging market (EM) corporate fundamentals are generally healthy, tight valuations and numerous headwinds keep us broadly neutral on the asset class. In Asia credit, Evergrande’s woes have hit sentiment towards Chinese high yield, but the investment grade sector has remained resilient. Elsewhere in EM, political and policy uncertainties continue to weigh in the Central and Eastern Europe, Middle East and Africa (CEEMEA) and Latin American regions.

 

For the full outlook, download the full report.

 

 

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This material is being furnished for general informational and/or marketing purposes only. The material does not constitute or undertake to give advice of any nature, including fiduciary investment advice, nor is it intended to serve as the primary basis for an investment decision. Prospective investors are recommended to seek independent legal, financial and tax advice before making any investment decision. T. Rowe Price group of companies including T. Rowe Price Associates, Inc. and/or its affiliates receive revenue from T. Rowe Price investment products and services. Past performance is not a reliable indicator of future performance. The value of an investment and any income from it can go down as well as up. Investors may get back less than the amount invested.

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