Monitoring credit implications of macro and micro factors.
Low supply, improving fundamentals, and investable scale form a constructive backdrop.
Watch for a possible trade up in quality as credit spreads stay tight.
We expect investors to harvest gains unless we see more concrete legislative progress on fiscal policy in Washington.
With CLO debt at post-crisis tights, we prefer less credit risk and spread duration.
The likelihood that rates will rise means that prepayment risk has decreased dramatically.
Tighter loan spreads cause some concern, but the gradual increase in Libor keeps loans looking attractive.
Remain vigilant on property valuations.
The flow of funds from foreign sources into U.S. real estate will be important in 2017.
We are constructive on high yield but keeping an eye out for signs of an over-extended rally.
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