Credit portfolio managers are forecasting a rise in corporate defaults in the coming year while more than four-out-of-five participants see a chance of a US recession in 2023.
CREDIT portfolio managers are forecasting a rise in corporate defaults in the coming year while more than four-out-of-five participants see a chance of a US recession in 2023, according to a survey by the International Association of Credit Portfolio Managers.
“Our members have expected to see the impact of rising interest rates for some time and we’re beginning to see more credit stress and defaults in corporate borrowers now,” Som-lok Leung, IACPM’s executive director, wrote in a statement. “Unfortunately, this could take some time to work its way through the system.”
Credit spreads are expected to move higher, with almost 60 percent of participants seeing North American credit spreads widening over the next three months and 80 percent of participants forecasting high-yield spreads rising.
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