Rising Treasury yields may weigh on high yield for the balance of the year, but positive returns should continue with additional spread compression and coupon clipping.
A dovish Fed, strong fundamentals, and growing demand support investment-grade corporate bond sector performance.
The rally in credit, retail demand, and subdued supply have driven municipal bond spreads to historical tights.
Value remains in select pre-crisis RMBS, but market focus is shifting to new issue.
The Fed’s policy pivot sets the stage for attractive opportunities in higher-quality rates products.
After the recession starts, high-yield bond and bank loan issuers have at least a 12-month runway before we experience a large wave of defaults.
With solid fundamentals and fair valuations in a period of weak technical factors, select Agency MBS appears relatively attractive.
A sharp December selloff highlights the need to remain vigilant.
Loan investors learned about illiquidity during December’s volatility, but careful positioning can still add value.
Volatile market conditions call for a focus on loss-remote, amortizing bonds and CRE-CLO deals with proven sponsors.
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