Wider spreads and inconsistent liquidity belie positive long-run fundamentals.
With one more rate hike expected by our macro research group, we believe this is the beginning of the end of the upward move in rates.
An uptick in corporate defaults in 2019 will mark the beginning of a prolonged period of stress in the corporate bond market.
The market shrugged off the Fed’s withdrawal as a buyer, but sector volatility could spike if prepayments rise.
CLO new issuance is on track for a record year; esoteric ABS gains in popularity.
Bank loans delivered positive returns in the third quarter with secondary loan discount margins tightening over the quarter.
With CMBS issuance dropping off due to competition from banks and insurers, investors are turning to CRE CLOs.
Investors face headwinds as market forces conspire to end the property price appreciation trend.
Resistance to spread tightening lifted in the third quarter as yields rose on the back of higher benchmark rates.
Tight spreads present an opportunity to move up in quality and liquidity.
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