Sector Views

Our Sector Team leaders share perspectives on performance characteristics, opportunities, and risks across a broad range of fixed-income asset classes.


 


May 24, 2016

Focus on Seniority

We anticipate cheaper entry points into mezzanine and subordinate CLO tranches, and esoteric ABS.


May 24, 2016

Volatile Prices Mask Improving Fundamentals

Improving fundamentals, lower bond prices, and limited supply form a constructive thesis for non-Agency RMBS.


May 24, 2016

Awash in Demand, Short in Supply

A frenzied rally in April will moderate as Wall Street restarts its CMBS production engine.


May 24, 2016

Demand for Loans May Exceed Supply

While commercial real estate fundamentals remain strong, strains on loan supply could cause borrowing costs to tick higher in 2016.


May 24, 2016

Revenue Bonds Trump General Obligations

We selectively favor bonds supported by dedicated revenue streams.


May 24, 2016

Agency MBS Has Global Appeal

U.S. housing market dynamics and low/negative rates overseas should drive demand for Agency MBS.


May 24, 2016

Flight to Quality Benefits Treasurys

U.S. rates products will remain relatively attractive, given extremely low to negative global bond yield levels.


April 13, 2016

High-Yield and Bank Loan Outlook – April 2016

While spreads have since narrowed, we are still finding bargains in high-yield bonds and bank loans.


March 17, 2016

Gaining from the Flight to Quality

Agency MBS offers an opportunity to diversify volatility and liquidity risk as we near the end of the credit cycle.


March 17, 2016

Yield Premiums in Select ABS

Recent spread widening across several areas of the ABS market, particularly in post-crisis mezzanine CLOs, creates a compelling entry point.







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