Credit-picking strategies recommended

Credit-picking strategies recommended

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The current environment makes for a good credit-picker's market, according to credit derivative strategists at Morgan Stanley. They suggest that a good credit-picking market requires above-average dispersion, volatility, spreads and liquidity - while having something to debate in the macro environment "to separate winners from losers".

Investors are currently focused on identifying convex ways of implementing this view in a top-down manner, the Morgan Stanley strategists note.

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