The Q1 2021 European High Yield Survey Results Are In!
Thank you to Everyone who took part.
Participants have a positive outlook for returns and low defaults in Q1. There remains an uneasy relationship with increased overweight positioning and richer valuations. Cash balances dropped slightly vs. the Q4 survey, still, more than 63% of respondents have a cash balance of greater than 3%, with participants expecting an average of € 15bn of supply in the coming quarter.
The full analysis by Bloomberg Intelligence can be downloaded here