FWIW, I concur with your scaling out of treasury/sovereign debt for precisely the reasons you state....I'm doing the same, but staying in cash to see how things develop.  I think you may be early -- possibly even very damagingly early -- for buying the senior loan floaters.  This view is based on a macro view you may not share.  I'm anticipating that banks and their B-BB-ish corporate borrowers are just beginning to feel the real pain of the UPCOMING recession.  Downgrades and defaults have only just begun.  While I may follow you into senior FR CEFs at higher prices later, I plan to stay in cash while I try to assess whether I can risk going into FR Loan CEFs or whether I belong back in hiding in high-quality debt during a second wave of credit difficulties. I think the econ releases/equity and treasury market actions over the next 4-5 weeks will permit me to make a better (if possibly less profitable) decision.

Regards, Dick