In the latest installment of our Global Trade Monitor, we discuss how trade tensions have reversed emerging signs of stabilization in global growth. Further crystallization of trade risks could leave a lasting impact on the global economy.

The erosion of change-of-control puts makes high-yield bonds increasingly transferable to new owners of companies that may be willing to extract value at the expense of creditors. Loose change-of-control clauses are facilitating strategies by private-equity sponsors who gain flexibility without having to compensate bondholders. Asian bonds contain the strongest change-of-control put rights, but North American and European bonds' clauses have persistently weakened.

In the inaugural issue of our State of the Brazilian Consumer publication, we discuss how the gradual improvement in employment since the end of Brazil’s severe recession of 2015-16 has contributed to consumption and economic growth. Retail sales are also slowly recovering, along with confidence.