Not all prices in a strong first half were lifted equally by this Fed-induced rally.
Positive performance could be tempered by any number of disruptive events in the third quarter.
Negative credit headlines did not diminish investor appetite for municipal bonds.
Favorable fundamentals should improve cash flows in select subsectors.
The next 50 basis-point move in the Treasury yield curve is likely to be a steepening.
High-yield corporate bond spreads and bank loan discount margins typically widen when the Fed is lowering interest rates.
Prepayment risk is contained for now, but the near-term technical picture remains challenging.
While the CLO market languishes amid rate uncertainty, investor demand for high-quality credit is increasing competition for whole business ABS.
A decline in institutional loan gross issuance offsets lower demand from mutual funds.
Late-cycle loan market competition is putting pressure on CMBS issuers, but opportunities remain to position defensively.
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