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2021 Outlook

Drowning in debt

Global debt is at an all-time high of 330% vs GDP. In combination with the risk of default, this creates ‘fly or die’ pressure on corporates. Zombie companies are riding a lifeline of bailouts and easy financing conditions. This environment creates potential opportunities in distressed and illiquid credit.



Companies that embrace reform and potentially restructure existing debt have the potential to prosper in the ‘repair’ phase of the credit cycle.

Download the Drowning in debt PDF

To find out about David’s three other investment trends for 2021, click here.