Credit tightened in the first half of the month in the face of equity volatility and trade tensions with China before turning due to unforeseen new issue supply and lack of conviction among investors and dealers. Continued concerns over the global growth implications of a Sino-American trade war weighed on investor sentiment. High yield fared much better than investment grade, and continues to hold a more favorable technical backdrop with more stable demand dynamics and lower supply. High yield spreads tightened 16 basis points and gained 0.67% on a total return basis.
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