1Q 2021 Investor Presentation
Macro Assumptions Underpinning Our Outlook
2021 GDP
6.0% 7.0% United States
-
3.5% 4.5% Euro area
-
5.5% 6.5% Global
-
Benchmark interest rates
remain low; U.S. high-yield
spreads below 450 bps
U.S. unemployment rate
of 5% -6% by year-end
Global high yield default rate
falls to 3%-4% by year end
1
1. Guidance as of April 28, 2021. Refer to Table 12 - "2021 Outlook" in the press release for a complete list of guidance and a reconciliation between adjusted measures to U.S. GAAP, as well as assumptions used by
the Company with respect to its guidance.
Sources: High yield spreads, default rate and unemployment assumptions as per Moody's Investor Service "March 2021 Default Report"; GDP assumption as of April 28, 2021 from Moody's Investors Service and
consensus estimates.
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