Fixed-Income Outlook: Identifying Relative Value Across U.S. Fixed-Income Market Sectors - Title Image

Fixed-Income Outlook: Identifying Relative Value Across U.S. Fixed-Income Market Sectors

In our new quarterly publication, the leaders of our fixed-income investment team discuss relative value and outlook in current market conditions.

March 17, 2016


Report Highlights

  • Volatility in global equities and credit markets has rattled investors, but we do not believe the factors roiling the markets will derail the ongoing U.S. expansion.
  • The decline in oil prices may be helping consumers, but, as our sector managers relate throughout this report, it has taken a toll on corporate credit. An important input to our credit view, however, is our Macroeconomic Research Team’s analysis showing that oil prices should rise towards $40 per barrel in 2016 as global supply and demand rebalance.
  • The Macroeconomic Research Team’s constructive outlook on the U.S. economy also supports our positive view on selected credit sectors and non-Agency residential mortgage-backed securities.
  • Recent spread widening across several areas of the ABS market, particularly in post-crisis mezzanine CLOs, creates a compelling entry point.
  • The Fixed-Income Outlook highlights the breadth, depth, and process of our fixed-income investment team.
 
 
 
Important Notices and Disclosures

This article is distributed for informational purposes only and should not be considered as investing advice or a recommendation of any particular security, strategy or investment product. This article contains opinions of the author but not necessarily those of Guggenheim Partners or its subsidiaries. The author’s opinions are subject to change without notice. Forward looking statements, estimates, and certain information contained herein are based upon proprietary and non-proprietary research and other sources. Information contained herein has been obtained from sources believed to be reliable, but are not assured as to accuracy. No part of this article may be reproduced in any form, or referred to in any other publication, without express written permission of Guggenheim Partners, LLC. ©2016, Guggenheim Partners. Past performance is not indicative of future results. There is neither representation nor warranty as to the current accuracy of, nor liability for, decisions based on such information.
 


FEATURED PERSPECTIVES

10 Macro Themes to Watch in 2020 - Featured Perspectives
January 22, 2020

10 Macro Themes to Watch in 2020

Ten charts illustrate the macroeconomic trends most likely to shape Fed policy and investment performance in 2020 and beyond.

Global Central Banks Fueling a Ponzi Market  - Featured Perspectives
January 20, 2020

Global Central Banks Fueling a Ponzi Market

Ultimately, investors will awaken to the rising tide of defaults and downgrades.

Risk and Reward of Successful 'Mid-Cycle' Rate Cuts - Featured Perspectives
December 23, 2019

Risk and Reward of Successful 'Mid-Cycle' Rate Cuts

In all likelihood, the Fed has successfully staved off recession, but current spreads reflect just how little upside there is in credit.


VIDEO

Fixed-Income Outlook 

Fourth Quarter 2019 Fixed-Income Outlook

Brian Smedley, Head of the Macroeconomic and Investment Research Group, and Portfolio Manager Adam Bloch share insights from the fourth quarter 2019 Fixed-Income Outlook.

Solving the Core Fixed-Income Conundrum 

Solving the Core Fixed-Income Conundrum

Anne Walsh, Chief Investment Officer for Fixed Income, shares insights on the fixed-income market and explains the Guggenheim approach to solving the Core Conundrum.







© 2020 Guggenheim Partners, LLC. All rights reserved. Guggenheim, Guggenheim Partners and Innovative Solutions. Enduring Values. are registered trademarks of Guggenheim Capital, LLC.