More than a year ago the world fell victim to a global pandemic
that would change life in ways that could never have been
predicted. In the early stages of the pandemic, we published a White Paper directed at financial markets and
market participants setting forth our views on issues to consider
in crisis response and post-pandemic planning. Now, one tumultuous
year later, with a waning pandemic and a new administration in the
United States, we again assess issues of concern and focus for
financial market participants in the United States and abroad.

LITIGATION RISKS

Litigation Risk Associated with Elevated Delinquency and
Default Rates

Over the past year, businesses continued to borrow money and
issue high-yield corporate debt at a strong pace. Although the U.S.
economy appears well positioned for a robust second half of 2021,
rising interest rates and inflation, as well as the potential for
corrections in the…

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