Levels of US corporate debt issuance smashed expectations in 2020 say Mellon head of index Stephanie Hill and senior investment strategist Theodore Bair. Here, they reflect on some dramatic market moves and factors likely to influence its future direction.

With attractive headline yields providing a cushion against rising US Treasury rates and buoyant default expectations at a time of heightened global uncertainty, this might be a watershed moment for emerging market corporate debt (EMCD).