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.
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.
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