A survey conducted by the International Association of Credit Portfolio Managers (IACPM) shows that credit investors believe spreads will widen along with the number of defaults. Their outlooks are even more pessimistic than they were in May, when the IACPM conducted a similar survey.

“Many of our members believe the market has overshot the underlying credit risks and is now due to pull back, said Som-lok Leung, executive director of the IACPM.

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