Key Insights
- Despite an encouraging start, securitized credit markets experienced a fourth straight quarter of losses driven by rising Treasury rates.
- Issuance is expected to taper off into year-end, but liquidity is likely to remain challenging.
- With credit fundamentals gradually deteriorating across securitized sectors, we have grown more cautious in commercial mortgage-backed securities while seeing dislocated opportunities in high-quality collateralized loan obligations.
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