Conditions bode well for credit, but a more aggressive Fed and geopolitics could bring volatility.
Direct lenders and middle market credit platforms will drive middle market CLO issuance.
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.
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