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Three key phases of major credit cycle: Map of what's to come

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While some corners of the market are beginning to settle, markets remain dysfunctional, and prices in many places do not make sense, creating hugely compelling potential opportunities.

THE impact of Covid-19 - and the speed of its disruption to society and markets - is unprecedented. It is clear that we are at the start of a major, connected credit cycle. We expect this cycle will be as bad or worse than the Global Financial Crisis of 2008-09 (GFC).

The GFC was about...

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