Sector Views

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


 


November 14, 2017

Agency Mortgage-Backed Securities: The Fed Has Spoken, Now It Is the Market's Turn

The Fed’s tapering program may pressure Agency MBS, but it could also increase investment opportunities.


November 14, 2017

Asset-Backed Securities and CLOs: Spreads to Tighten Further

Concern over high demand and record post-crisis tights has us focused on quality and liquidity.


November 14, 2017

Bank Loans: Room to Run Despite Rate Hikes

Fundamentals continue to look healthy in loans, and we expect investors will benefit from higher future coupons.


November 14, 2017

Commercial Mortgage-Backed Securities: Eyes Wide Shut

The CMBS market is finally growing, but recent storms and transaction structures highlight broad market complacency.


November 14, 2017

Commercial Real Estate Debt: Anticipating a Strong Fourth Quarter

While year-to-date sales volumes lag last year’s totals, originations continue at a strong pace.


November 14, 2017

High-Yield Corporate Bonds: High Valuations in BB-Rated Corporates

Average credit fundamentals are improving, but we remain cautious of valuations and weaker credits.


November 14, 2017

Investment-Grade Corporate Bonds: Ahead of the Herd

We expect spreads to tighten further, but disciplined investors should wait for better opportunities.


November 14, 2017

Municipal Bonds: Driven by Technicals

Credit discipline is paramount as technical strength continues to drive the municipal bond market.


November 14, 2017

Non-Agency Residential Mortgage-Backed Securities: Upside in Re-Performing Loans

Fundamental improvements should support credit-blemished loans, but tight valuations favor capital structure seniority.


November 14, 2017

Rates: Markets Are Underestimating the Fed's Resolve

We continue to believe that the yield curve will flatten further and that a barbell position is appropriate.







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