The recent rise in prices and tightening of spreads suggest a time of caution for leveraged credit.
Value in new-issue aircraft lease transactions and CLOs backed by loans to middle market companies.
Demand remains strong as Agency MBS is one of few positive-yielding, high-quality asset classes.
Moving slightly down in quality as loans deliver steady performance.
Market volatility in the first half of 2016 has given way to a sharp rally in CMBS spreads and resurgence in CMBS issuance.
Despite positive fundamentals, the second quarter saw a significant decrease in lender appetite.
The energy sector currently offers the best potential total return upside in the high-yield space.
Relatively high yields and abundant supply entice global fixed-income investors.
Talk of tax reform will likely create uncertainty in the otherwise-robust municipal bond market.
Constructive themes of improving fundamentals and limited supply remain firmly in place.
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