Sentiment toward credit conditions in North American portfolio managers were slightly more negative in the latest survey from the International Association of Credit Portfolio Managers.

According to IACPM, 47% of portfolio managers expected widening credit spreads for July through September, driving the trade group’s three-month credit spread outlook index to a negative (-) 37.5 and default expectations to (-)41.2 on its diffusion index for each category that scales from +100 to -100.

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