Before the onset of the COVID-19 pandemic in March 2020, few sectors were more closely scrutinized than credit markets. Since at least December 2018, market participants and regulators have expressed worry at the increases in leverage, covenant-lite transactions, and the fact that greater than 50 percent of total outstandings are rated BBB. As was the case at the close of 2018, in March 2020 it seemed that the pendulum had swung, until central banks around the world intervened to provide liquidity and stabilize markets. And although bond issuance has since kicked into overdrive, cracks continue to appear as potential downgrades surpass historic highs from the 2009 subprime crisis. What are the risks of a market that provides ample liquidity amid complete uncertainty on future earnings? Investors need to evaluate key risks and opportunities as they reevaluate their portfolios.

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