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MIF Investment Update – May 2020


Credit performed strongly in May, building on the stability achieved in April.  The lows in equity markets and multi-year wide credit spreads seen in March are now a long way off.  The major bank senior FRN curve has fully retraced the widening in spreads during March, while Tier 2 issues still have some way to go.  This is despite 2024 call major bank closing the month 20-25bps tighter.  We are positioned for Tier 2 securities to continue to perform, and with a yield to maturity of 2.17% we expect MIF to achieve out performance of the benchmark.