In this April 2025 chartbook, Mohit Mittal, PIMCO’s CIO of Core Strategies, assesses public corporate credit markets, emphasizing their strength and liquidity despite broader financial market stress.
- Liquidity Remains Intact: Investment-grade corporate bond markets continue to trade tens of billions daily with bid-ask spreads well below 2022 peaks, signaling stable liquidity conditions.
- Resilience vs. Private Credit: While BDCs and other private credit proxies have declined sharply, public investment grade and high yield bonds have remained relatively stable.
- Attractive Yields: Yields in both investment grade and high yield credit are above 15-year medians, offering equity-like return potential with lower volatility.
Explore the full chartbook to better understand how public credit can serve as a liquid, high-quality anchor amid uncertain macro conditions. How are you positioning fixed income in your portfolio?
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