Much of corporate debt was refinanced in 2020-21 at significantly lower coupons; this means the bulk of the corporate bond market is NOT sensitive to rising rates in 2023-24, but bank loans (which have floating-rate coupons) will reset immediately and cause pain.
factualpending
Speaker
David RosenbergEvidence Quote
“the amount of refinancing that took place in '20 and '21 was massive...the bulk of it was refinanced at significantly lower coupon”
Source
DoubleLine Round Table Prime, 2023 - Part 1: Macroeconomic State of Play 1-4-23— DoubleLine CapitalCreated: 8/11/2026, 1:33:48 AM
My Notes
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