In Credit Markets, Things Are Getting Better, Not Worse! via Apollo:
default rates are falling, distressed exchanges are declining
and the number of liability management exercises is declining
bottom line = the economy is strong & no signs of a full-blown credit cycle
P.S. way more on the U.S. Economy (including special/alternative data/indicators like this one + also leading indicators + recession probabilities) is coming to town soon via the following reports:
✍️ The State of the U.S. Economy in 75 Charts (4th edition)
✍️ Decoding the U.S. Economy Through Sleek Alternative Data