阿波罗全球管理：2025年信贷市场展望白皮书：逆势而上（英文版）

Following the strong performance of 2024, credit markets are entering 2025 in a solid position. While at first glance, it may appear that risks are one-sided given spreads are near multi-year tights across several segments of the credit market, we expect the fundamental and technical backdrop to remain strong. Still, we believe there could be some headline risk associated with the implementation of the incoming US administration’s policies—from tariffs, immigration, and fiscal policy—which co