Sector Views

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


 


August 23, 2018

Investment-Grade Corporate Bonds: Avoiding BBBs’ Sting

Strong market fundamentals are leading to an increase in lower-rated investment-grade debt that may struggle as rates rise.


August 23, 2018

Municipal Bonds: Courting Favor

A spate of recent Supreme Court decisions should help boost state and local government revenues.


August 23, 2018

Non-Agency Residential Mortgage-Backed Securities: Rally Fatigue

The long-running rally has emboldened dealers while investors have tempered their risk appetite.


August 23, 2018

Rates: Steady Summer

Spread widening in the Agency market could present an attractive opportunity to allocate assets.


July 18, 2018 | High-Yield and Bank Loan Outlook

Late-Cycle Boost and Boom

Investors should stay guarded for exogenous shocks that could pull the next recession forward and cause markets to reprice credit risk.


May 17, 2018

Agency Mortgage-Backed Securities: Weathering the Storm

We expect stable performance amid increased supply and a benign prepayment environment.


May 17, 2018

Asset-Backed Securities and CLOs: Wary of Hidden Risks

We continue to find opportunities in CLOs and ABS, but look for ways to limit risk as the credit cycle nears its end.


May 17, 2018

Bank Loans: A Double-Edged Sword

Concerns about inflation and a steeper path for Fed rate hikes buoyed investor demand for floating-rate assets, but defaults are ticking higher.


May 17, 2018

Commercial Mortgage-Backed Securities: Stay Disciplined

We focus on originator and manager experience as new entrants flood the CRE CLO market.


May 17, 2018

Commercial Real Estate Debt: Musical Chairs

With falling sales volume and normalized maturities, the supply of mortgage loan opportunities will be significantly less this year.







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