Disclaimer: Views in this blog do not promote, and are not directly connected to any Legal & General Investment Management (LGIM) product or service. Views are from a range of LGIM investment professionals and do not necessarily reflect the views of LGIM. For investment professionals only.

Credit before credit is due: the role of rolldown in returns

The return investors expect for accepting credit risk is often thought of as the credit spread, minus the cost of downgrades and defaults.

But that neglects the significant benefits that can come from credit spreads tightening as bonds get closer to maturity, also called credit rolldown.

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