Here’s how easy financial conditions are in credit, according to Deutsche Bank

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Here’s how easy financial conditions are in credit, according to Deutsche Bank
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Lending standards in the U.S. are the easiest ever for companies, with real yields in corporate credit markets falling to their lowest level, according to a...

Lending standards in the U.S. are the easiest ever for companies, with real yields in corporate credit markets falling to their lowest level, according to a research note from Deutsche Bank.

But easy financial conditions for credit is “actually one of the main reasons we think spreads will widen” in the first half of next year, the note says, “as on a whole series of variables the Fed is well behind the curve and we think that there’s a good chance that the market will take them on even more aggressively over the next few months.” That could cause “a risk-off period.”

Companies with A or BBB ratings by S&P Global are considered investment grade, while BB and B ratings fall into speculative-grade territory. U.S. investment-grade debt saw negative real yields for the first time this year, with yields now around -3%, according to the Deutsche Bank Research note, emailed Tuesday.

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