We take some time this month to update our views from what we shared at the beginning of the year and look at what this means for corporate credit.
While there have been multiple wars and conflicts in the past two decades with severe humanitarian implications, these have been contained geographically, with minimal spillover impact on financial markets.
Beyond the humanitarian impact, the Russia-Ukraine conflict has had a broad second-order impact, with likely impacts to supply chain disruptions and its inflationary impact on economic growth and knock-on effects on the geopolitical stability in regions unable to substitute their food and energy sources.
