Sector Views

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


 


March 07, 2019

Agency Mortgage-Backed Securities: Flight to Quality

With solid fundamentals and fair valuations in a period of weak technical factors, select Agency MBS appears relatively attractive.


March 07, 2019

Asset-Backed Securities and CLOs: A Wild Ride on Santa's Sleigh

A sharp December selloff highlights the need to remain vigilant.


March 07, 2019

Bank Loans: December Lessons

Loan investors learned about illiquidity during December’s volatility, but careful positioning can still add value.


March 07, 2019

Commercial Mortgage-Backed Securities: Defensive Play

Volatile market conditions call for a focus on loss-remote, amortizing bonds and CRE-CLO deals with proven sponsors.


March 07, 2019

Commercial Real Estate Debt: Nearing the Peak

As we near the end of the current expansion cycle, investors will continue to see attractive real estate debt opportunities.


March 07, 2019

High-Yield Corporate Bonds: Demand Shifts from Floating to Fixed

While high-yield bond spreads have recovered some of the ground they lost in the fourth quarter, we caution against adding too much spread duration at this point in the cycle.


March 07, 2019

Investment-Grade Corporate Bonds: Liquidity’s Worth

Complacent markets learned a valuable lesson in December as panicked investors found buyers had vanished.


March 07, 2019

Municipal Bonds: Weather Ready

Municipal bonds weathered fourth quarter volatility better than other fixed-income sectors, but careful selection remains key.


March 07, 2019

Non-Agency Residential Mortgage-Backed Securities: Tread Lightly

Wider spreads and inconsistent liquidity belie positive long-run fundamentals.


March 07, 2019

Rates: The Beginning of the End

With one more rate hike expected by our macro research group, we believe this is the beginning of the end of the upward move in rates.







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