Aperture Credit Opportunities: Commentary for Q4 2022

Quarter in Review

Q4 2022 remained extremely volatile. October saw further weakness in Government bond markets as US 10-year yields  continued their move higher to hit a peak of 4.24% as inflation indicators continued flashing red. German 10yr bunds also spiked to finish the month 20bps higher at 2.2% having hit an intra-month peak of 2.4%. Credit and equity markets finished September at such low levels (post the Liability Driven Investing (LDI)-led sell off) that they managed to rally. US and European HY spreads tightened ~75bps with equity markets in developed countries rallying more than 5%.

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