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

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.


August 23, 2018

High-Yield Corporate Bonds: A Credit Picker’s Market

Technical dynamics weigh on high-yield rallies despite improving fundamentals.


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.







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