Search for yield has boosted insurers' exposure to lower-rated bonds
Debt underwriting down too, led by a plunge in high-yield offerings
As slower growth hits corporate balance sheets, financial stress to materialize
U.S. investment-grade corporate bond market remains active
High yield issuers bolstered liquidity over the past couple of years, Fitch says
Defaults expected to stay low through 2023 despite challenges, Fitch says
Speculative-grade issuance is seen rising in 2021 amid investor appetite for yield
The telecom and energy sectors drove record defaults in Q2
Recreation, retail and resource sectors look most exposed
The rating agency sees Canada's default rate declining amid stronger corporate liquidity