Sector Views

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


 


November 19, 2018

Investment-Grade Corporate Bonds: Exit Strategy

Tight spreads present an opportunity to move up in quality and liquidity.


November 19, 2018

Municipal Bonds: Weather Report

Technicals support short-term performance, but many municipalities are ill-prepared for an economic downturn.


November 19, 2018

Non-Agency Residential Mortgage-Backed Securities: Solid Ground

Favorable credit trends and market technicals allowed the sector to shrug off slowing housing activity and higher interest rates.


November 19, 2018

Rates: Limited Room for Rates to Rise

The yield curve should flatten further as economic strength continues to justify Fed tightening.


October 15, 2018 | High-Yield and Bank Loan Outlook

Beneath the Tide of Rising Earnings

Factors that have contributed to strong earnings growth this year will fade in 2019 and turn into headwinds in 2020, exposing leveraged corporate borrowers.


August 23, 2018

Agency Mortgage-Backed Securities: Smooth Sailing

Steady performance despite market volatility in the first half of 2018 validates the sector’s defensive profile.


August 23, 2018

Asset-Backed Securities and CLOs: Capturing the Information Premium

Supply weighs on CLO markets, but opportunities abound in commercial ABS.


August 23, 2018

Bank Loans: Rising Carry Continues to Attract Flows

Rising net supply of institutional loans has weighed on performance, but rising carry attributed to higher Libor continues to attract inflows.


August 23, 2018

Commercial Mortgage-Backed Securities: Watching Structural Developments

Full-term interest-only loans and higher debt service coverage ratios support AAA-rated interest-only bonds.


August 23, 2018

Commercial Real Estate Debt: The Song Remains the Same

Borrowers continue to benefit from low interest rates and an abundance of capital, but values may be coming down.







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