What we can say for sure is that the crisis is going to be over before long. Exactly when… we don’t know. No crisis has lasted forever in the past because things cannot keep getting much, much worse forever. But for things to show the first sustainable signs of improvement, consumers must start consuming, investors must start investing, and banks must start lending.
Certain factors, most notably new regulations, have led to increased bond scarcity and consequently to an increased share of bonds that trade “special”, especially ahead of reporting dates.