Sector Views

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


 


May 17, 2018

Non-Agency Residential Mortgage-Backed Securities: Investor Demand Meets Short Supply

Improving fundamentals and limited supply have insulated the sector from broader market volatility.


May 17, 2018

Rates: Higher Yields, Flatter Curve

Increased volatility could lead to wider credit spreads and a migration to higher-quality fixed-income assets.


April 12, 2018

Not Too Soon to Think About Defaults and Recovery Rates

Benign conditions support near term value in credit, but default rates will rise as the Fed tightens further and corporate debt levels continue to grow.


February 23, 2018

Agency Mortgage-Backed Securities: New Year, New Market Dynamics

While short-term drivers for spread tightening are in place, we expect modest widening later in the year.


February 23, 2018

Asset-Backed Securities and CLOs: Focus on Prepayment and Extension Risk

Tight spreads and weak call protection fuel our preference for shorter CLO and senior ABS tranches.


February 23, 2018

Bank Loans: A Borrower’s Market

Credit performance has been strong, but the erosion of investor protections raises risks in the next downturn.


February 23, 2018

Commercial Mortgage-Backed Securities: Get It Where You Can

Investors flocked to floating-rate investments in 2017 as rising Libor offsets post-crisis tights in spreads.


February 23, 2018

Commercial Real Estate Debt: A Bright Outlook for 2018

The commercial real estate market is poised for income growth with stable valuations.


February 23, 2018

High-Yield Corporate Bonds: A Fundamentally Stable Credit Environment

Tax reform will be a key driver of performance for high-yield corporate bonds in 2018.


February 23, 2018

Investment-Grade Corporate Bonds: Tax Changes Enhance Technicals

Clarity on tax policy helps drive spreads to 10-year tights, but headwinds remain.







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