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IDFC AMC Research Report
The credit market had approached the first wave of the pandemic last year with a certain amount of caution.
The economic fallout was hard to predict given the unique nature of the shock. This, alongside recent specific events in the market, was justifiably weighing on risk perceptions even as spreads on offer were fairly lucrative.
As it turned out the right analytical construct for assessing the Covid-19 shock was that of the ‘K' shaped recovery.
Thus for the larger/better to do companies and individuals this was largely a stoppage in time without much impact to survivability.
In fact many companies actually succeeded in meaningfully deleveraging themselves and creating cash on balance sheet.
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