Mike Della Vedova, the Sydney-born, London-based portfolio manager for T Rowe Price’s $US738m global high-yield strategy, has been burning the candle at both ends.
The possibility that holders of these bonds could face losses was made clear in their documentation, even if it may have been harder to imagine the circumstances under which a regulator would write them down to zero. But Della Vedova’s long-held view is that the coming recession is likely to be more driven by inflation than problems with the creditworthiness of companies.
Refinancing activity will need to increase in 2025, but by then we should be past the peak of interest rate cycles and possibly even coming out of any downturn.
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