>GLOBAL CREDIT SURVEY (CITI)

Still very long and now less defensive

• Aggregate longs remain near a record level
• Investors report a significant reduction in the defensive sector bias
• HY exposure has also increased, though investors remain less long than in high grade
• However, cash inflows also remain near a record level, mitigating the warning signals coming from positions for now

To see full report: GLOBAL CREDIT SURVEY