During an interview in May, the Swiss website AllNews interviewed Alexandre RYO, Head of Overlay Development at Ellipsis AM. 

"Complacency on equities, stress on rates - the past decade of quantitative easing has skewed risk perception," says Alexandre Ryo.

"The credit risk premium has risen to a median range. On the other hand, its volatility is similar to that of the equity markets. The expected risks on credit events are low, which may make sense in the short term, but remains a real challenge in the long term as refinancing is expected around 2025-2027."