Constructive themes of improving fundamentals and limited supply remain firmly in place.
Investors from outside of the United States seeking higher relative yields will likely continue to support Treasurys as global rates languish.
Despite the selloff following Brexit, high-yield bonds and bank loans still turned in impressive quarterly returns, but recovery rates bear watching.
Energy yields look more attractive than other sectors, as the worst of the oil bear market draws to an end.
Market weakness offers attractive entry points in B-rated bonds, particularly in the energy sector.
Despite a weak near-term technical backdrop, certain bank loans remain supported by strong earnings and low default risk.
We anticipate cheaper entry points into mezzanine and subordinate CLO tranches, and esoteric ABS.
Improving fundamentals, lower bond prices, and limited supply form a constructive thesis for non-Agency RMBS.
A frenzied rally in April will moderate as Wall Street restarts its CMBS production engine.
While commercial real estate fundamentals remain strong, strains on loan supply could cause borrowing costs to tick higher in 2016.
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