Sector Views

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


 


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.


March 17, 2016

Sympathetic Widening Yields Opportunity

Bank loan valuations weakened in sympathy with the high-yield bond market, but we believe investors are being well-compensated for credit risk.


March 17, 2016

Time to Focus on Neglected Credits

A technical pricing dislocation in subordinated CMBS and non-traditional CRE offers a compelling entry point for commercial mortgage investors.


March 17, 2016

2016 Could Be a Supply Story

Investor demand for commercial mortgage loans was strong in 2015, but it remains to be seen whether the trend will continue in 2016.


March 17, 2016

Compelling Relative Value Despite Volatility

After their first annual loss since 2009, our research suggests select high-yield bonds look attractive again on a risk-adjusted basis.


March 17, 2016

Strong Credit Performance, Favorable Supply Dynamics

Credit fundamentals and market supply dynamics provide a tailwind for non-Agency RMBS.


March 17, 2016

Risk, But Not Much Reward

With higher yields and shorter durations, Agency bonds represent better value than U.S. Treasurys in 2016.


March 17, 2016

Strong Fundamentals Despite Headline Risk

With the exception of well-known problem credits, such as Puerto Rico and Chicago, fundamentals in the municipal bond market remain strong.


March 17, 2016

Higher Yields for Strong Convictions

Widening spreads and higher yields in investment-grade corporates presents opportunities to add selectively to positions where our credit conviction remains unchanged.







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