Sector Views

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


 


August 22, 2019

High-Yield Corporate Bonds: The Rally that Lacks Conviction

Not all prices in a strong first half were lifted equally by this Fed-induced rally.


August 22, 2019

Investment-Grade Corporate Bonds: Limited Upside

Positive performance could be tempered by any number of disruptive events in the third quarter.


August 22, 2019

Municipal Bonds: Unwavering Demand

Negative credit headlines did not diminish investor appetite for municipal bonds.


August 22, 2019

Non-Agency Residential Mortgage-Backed Securities: Credit Tailwinds Remain in Place

Favorable fundamentals should improve cash flows in select subsectors.


August 22, 2019

Rates: When Doves Cry

The next 50 basis-point move in the Treasury yield curve is likely to be a steepening.


July 17, 2019 | High-Yield and Bank Loan Outlook

High-Yield Credit in a Fed Easing Cycle

High-yield corporate bond spreads and bank loan discount margins typically widen when the Fed is lowering interest rates.


June 17, 2019

Agency Mortgage-Backed Securities: Mortgage Refis Rise on Lower Rates

Prepayment risk is contained for now, but the near-term technical picture remains challenging.


June 17, 2019

Asset-Backed Securities and CLOs: Esoteric ABS Goes Mainstream

While the CLO market languishes amid rate uncertainty, investor demand for high-quality credit is increasing competition for whole business ABS.


June 17, 2019

Bank Loans: Loan Performance Proves Resilient Against Outflows

A decline in institutional loan gross issuance offsets lower demand from mutual funds.


June 17, 2019

Commercial Mortgage-Backed Securities: Shrinking Supply

Late-cycle loan market competition is putting pressure on CMBS issuers, but opportunities remain to position defensively.







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