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

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.


November 19, 2018

Commercial Real Estate Debt: End of the Road for Growth

Investors face headwinds as market forces conspire to end the property price appreciation trend.


November 19, 2018

High-Yield Corporate Bonds: Breaking the Resistance

Resistance to spread tightening lifted in the third quarter as yields rose on the back of higher benchmark rates.


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.







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