OakTree Capital：2025年综述：橡树资本季度信件中的重要观点报告-六月版（英文版）

This day was the most extreme but much of early April had a similar profile as investors sought clarity amid evolving trade negotiations. The 90-day pause restored some confidence, while reminding investors of the attractive yield offered by sub-investment grade credit. The high yield bond market finished the month flat after being down almost 3%. The rebound was sharp, but the credit markets today are still distinguishing between the haves and have-nots. In the liquid markets, most names are