MARKET COMMENTARY AND GSAM STRATEGY
- The US economy added 850,000 jobs in June, an upside surprise relative to consensus expectations for a 720,000 increase, although the unemployment rate rose 10bps to 5.9%. The rise in the unemployment rate and continued weakness in the labor force participation rate, which was unchanged at 61.6%, are disappointing
- The spread differential between AAA-rated collateralized loan obligations (CLOs) and BBB-rated corporate bonds is at a multi-year high. We think AAA-rated CLO spreads look attractive relative to BBB-rated corporate credit spreads.
Volta Finance Limited (LON:VTA) is a closed-ended limited liability company registered in Guernsey. Volta’s investment objectives are to seek to preserve capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis.