Market nervousness around another global COVID-19 flare-up has brought into question the sustainability of the economic reopening trade, and rightly so. Over the last 12 months, sectors such as airlines, cruise lines, hospitality and some segments of retail – all initially written off during the peak pessimism period of the first quarter of 2020 – have stormed back, producing handsome gains for those fixed-income investors who saw the deep value potential of those sectors. Now these hard-fought gains appear to be at risk.