Sector Views

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


 


March 07, 2019

High-Yield Corporate Bonds: Demand Shifts from Floating to Fixed

While high-yield bond spreads have recovered some of the ground they lost in the fourth quarter, we caution against adding too much spread duration at this point in the cycle.


March 07, 2019

Investment-Grade Corporate Bonds: Liquidity’s Worth

Complacent markets learned a valuable lesson in December as panicked investors found buyers had vanished.


March 07, 2019

Municipal Bonds: Weather Ready

Municipal bonds weathered fourth quarter volatility better than other fixed-income sectors, but careful selection remains key.


March 07, 2019

Non-Agency Residential Mortgage-Backed Securities: Tread Lightly

Wider spreads and inconsistent liquidity belie positive long-run fundamentals.


March 07, 2019

Rates: The Beginning of the End

With one more rate hike expected by our macro research group, we believe this is the beginning of the end of the upward move in rates.


January 18, 2019 | High-Yield and Bank Loan Outlook

Up the Escalator, Down the Elevator

An uptick in corporate defaults in 2019 will mark the beginning of a prolonged period of stress in the corporate bond market.


November 19, 2018

Agency Mortgage-Backed Securities: Supply Yawn

The market shrugged off the Fed’s withdrawal as a buyer, but sector volatility could spike if prepayments rise.


November 19, 2018

Asset-Backed Securities and CLOs: The New Issuance Engine that Could

CLO new issuance is on track for a record year; esoteric ABS gains in popularity.


November 19, 2018

Bank Loans: Secondary Loans Shrug Off Large Deals

Bank loans delivered positive returns in the third quarter with secondary loan discount margins tightening over the quarter.


November 19, 2018

Commercial Mortgage-Backed Securities: Ebb and Flow

With CMBS issuance dropping off due to competition from banks and insurers, investors are turning to CRE CLOs.







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