Sector Views

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


 


November 19, 2018

Agency Mortgage-Backed Securities: Supply Yawn

The market shrugged off the Fed’s withdrawal as a buyer, but sector volatility could spike if prepayments rise.


November 19, 2018

Asset-Backed Securities and CLOs: The New Issuance Engine that Could

CLO new issuance is on track for a record year; esoteric ABS gains in popularity.


November 19, 2018

Bank Loans: Secondary Loans Shrug Off Large Deals

Bank loans delivered positive returns in the third quarter with secondary loan discount margins tightening over the quarter.


November 19, 2018

Commercial Mortgage-Backed Securities: Ebb and Flow

With CMBS issuance dropping off due to competition from banks and insurers, investors are turning to CRE CLOs.


November 19, 2018

Commercial Real Estate Debt: End of the Road for Growth

Investors face headwinds as market forces conspire to end the property price appreciation trend.


November 19, 2018

High-Yield Corporate Bonds: Breaking the Resistance

Resistance to spread tightening lifted in the third quarter as yields rose on the back of higher benchmark rates.


November 19, 2018

Investment-Grade Corporate Bonds: Exit Strategy

Tight spreads present an opportunity to move up in quality and liquidity.


November 19, 2018

Municipal Bonds: Weather Report

Technicals support short-term performance, but many municipalities are ill-prepared for an economic downturn.


November 19, 2018

Non-Agency Residential Mortgage-Backed Securities: Solid Ground

Favorable credit trends and market technicals allowed the sector to shrug off slowing housing activity and higher interest rates.


November 19, 2018

Rates: Limited Room for Rates to Rise

The yield curve should flatten further as economic strength continues to justify Fed tightening.







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