The widely feared refinancing wave failed to materialize, but Fed timing remains a risk.
Reversing the trend earlier in the year, primary market opportunities look attractive as the secondary market trades rich.
Identifying relative value as investors struggle to digest a slew of transactions in a hot market.
After a volatile first half of the year, debt markets returned to a more normalized origination environment.
We continue to find value in energy and metals, which still offer yield premiums over non-commodity names despite an improving fundamental outlook.
Unwavering investor demand drove yields close to historic lows in the third quarter.
Rising pension liabilities remain a concern, but strong technicals support the municipal market.
Despite constructive fundamentals, challenging relative value warrants risk control.
A rising fed funds rate suggests investors should prepare for the curve to flatten.
The recent rise in prices and tightening of spreads suggest a time of caution for leveraged credit.
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