Sector Views

Our Sector Team leaders share perspectives on performance characteristics, opportunities, and risks across a broad range of fixed-income asset classes.


 


December 23, 2019

Agency Mortgage-Backed Securities: Flight Risk

Prepayment risk for recently originated mortgages remains high as mortgage rates continue to fall.


December 23, 2019

Asset-Backed Securities and CLOs: Focus on High Quality, New Issue

We prefer short, senior CLO tranches and new-issue commercial and aircraft ABS.


December 23, 2019

Bank Loans: Ratings Migration Signals Trouble Ahead

Worrisome pace of downgrades in the leveraged loan market is likely to continue.


December 23, 2019

Commercial Mortgage-Backed Securities: Strong Demand, But Not for WeWork

Liquidity remains strong after the largest post-crisis SASB and CRE-CLO deals.


December 23, 2019

Commercial Real Estate Debt: Can Coworking Work?

WeWork’s failed IPO does not signal the demise of flexible office space.


December 23, 2019

High-Yield Corporate Bonds: Cracks Are Forming

Investors should continue to limit exposure to CCCs despite recent cheapening because of the asymmetry of potential spread outcomes.


December 23, 2019

Investment-Grade Corporate Bonds: Walking the Tightrope

Demand for investment-grade corporate bonds should remain strong.


December 23, 2019

Municipal Bonds: Riding the Wave

Continued strong demand enables move up in credit quality.


December 23, 2019

Non-Agency Residential Mortgage-Backed Securities: The Future is Now

New issuance and trading activity in the RMBS market reflect a change in investor focus.


December 23, 2019

Rates: The Long Way Home

Opportunity knocks as Fed rate cuts are likely to steepen the yield curve.







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