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With market concerns that the credit cycle might turn, in this note, we explore the opportunities Volta has in these conditions. While MTM losses are likely to increase, and some of the market prices of Volta’s holdings will not reflect their long-term value, there are upsides. We note: (i) spreads are likely to widen; (ii) more mis-pricing opportunities are likely to emerge; (iii) Volta has a broad diversification and a good credit track record; and (iv) its profile is very different from 2007-2008.