Sector Views

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


 


July 17, 2019 | High-Yield and Bank Loan Outlook

High-Yield Credit in a Fed Easing Cycle

High-yield corporate bond spreads and bank loan discount margins typically widen when the Fed is lowering interest rates.


June 17, 2019

Agency Mortgage-Backed Securities: Mortgage Refis Rise on Lower Rates

Prepayment risk is contained for now, but the near-term technical picture remains challenging.


June 17, 2019

Asset-Backed Securities and CLOs: Esoteric ABS Goes Mainstream

While the CLO market languishes amid rate uncertainty, investor demand for high-quality credit is increasing competition for whole business ABS.


June 17, 2019

Bank Loans: Loan Performance Proves Resilient Against Outflows

A decline in institutional loan gross issuance offsets lower demand from mutual funds.


June 17, 2019

Commercial Mortgage-Backed Securities: Shrinking Supply

Late-cycle loan market competition is putting pressure on CMBS issuers, but opportunities remain to position defensively.


June 17, 2019

Commercial Real Estate Debt: Retail’s Loss Is Industrial’s Gain

As the retail sector continues to struggle, investors compete for industrial opportunities driven by e-commerce.


June 17, 2019

High-Yield Corporate Bonds: Expect a More Sustainable Pace of Returns

Rising Treasury yields may weigh on high yield for the balance of the year, but positive returns should continue with additional spread compression and coupon clipping.


June 17, 2019

Investment-Grade Corporate Bonds: Reversal of Fortune

A dovish Fed, strong fundamentals, and growing demand support investment-grade corporate bond sector performance.


June 17, 2019

Municipal Bonds: Strong Demand

The rally in credit, retail demand, and subdued supply have driven municipal bond spreads to historical tights.


June 17, 2019

Non-Agency Residential Mortgage-Backed Securities: The Slow Reboot

Value remains in select pre-crisis RMBS, but market focus is shifting to new issue.







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