Disclaimer: Views in this blog do not promote, and are not directly connected to any L&G product or service. Views are from a range of L&G investment professionals, may be specific to an author’s particular investment region or desk, and do not necessarily reflect the views of L&G. For investment professionals only.
09 Jul 2019
2 min read
Credit before credit is due
By John Roe
The return investors expect for accepting credit risk is often thought of as the credit spread, minus the cost of downgrades and defaults.
But that neglects the significant benefits that can come from credit spreads tightening as bonds get closer to maturity, also called credit rolldown.
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