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.
As the retail sector continues to struggle, investors compete for industrial opportunities driven by e-commerce.
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.
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