We focus on quality as the effects of unintended consequences from the tax overhaul loom large.
With fundamentals improving, investors should weigh the benefits and risks of credit expansion.
Economic conditions, goosed by tax reform, call for a faster pace of Fed rate hikes.
Assessing the risks of covenant-lite loans, 0 percent Libor floors, tax reform, and tightening spreads.
The Fed’s tapering program may pressure Agency MBS, but it could also increase investment opportunities.
Concern over high demand and record post-crisis tights has us focused on quality and liquidity.
Fundamentals continue to look healthy in loans, and we expect investors will benefit from higher future coupons.
The CMBS market is finally growing, but recent storms and transaction structures highlight broad market complacency.
While year-to-date sales volumes lag last year’s totals, originations continue at a strong pace.
Average credit fundamentals are improving, but we remain cautious of valuations and weaker credits.
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