Agency MBS offers an opportunity to diversify volatility and liquidity risk as we near the end of the credit cycle.
Recent spread widening across several areas of the ABS market, particularly in post-crisis mezzanine CLOs, creates a compelling entry point.
Bank loan valuations weakened in sympathy with the high-yield bond market, but we believe investors are being well-compensated for credit risk.
A technical pricing dislocation in subordinated CMBS and non-traditional CRE offers a compelling entry point for commercial mortgage investors.
Investor demand for commercial mortgage loans was strong in 2015, but it remains to be seen whether the trend will continue in 2016.
After their first annual loss since 2009, our research suggests select high-yield bonds look attractive again on a risk-adjusted basis.
Credit fundamentals and market supply dynamics provide a tailwind for non-Agency RMBS.
With higher yields and shorter durations, Agency bonds represent better value than U.S. Treasurys in 2016.
With the exception of well-known problem credits, such as Puerto Rico and Chicago, fundamentals in the municipal bond market remain strong.
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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