EFTA Document EFTA01385320

3 January 2018 HY Corporate Credit HY Multi Sector,Media, Cable & Satellite HY Energy index at more realistic levels as 2016 OPEC deal exuberance fades In our 2017 Outlook report, we took a cautious stance on the sector considering the HY Energy index was trading only -30 bps wide of the overall HY Index, comparable to the relative spread seen during 1H-14 ($100 oil). As it turns out, exactly a year later, the spread has widened to -50 bps. though on fundamentals the E&P sector is on muc