Sector Views

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


 


May 18, 2017

Commercial Real Estate Debt: Industrial Beats Residential in Q1

Increasing apartment supply and the strength of the industrial sector reshape market dynamics in 2017.


May 18, 2017

High-Yield Corporate Bonds: Tight Spreads Breed Concerns

We expect volatility to pick up, but fundamentals are strong.


May 18, 2017

Investment-Grade Corporate Bonds: Technicals Should Remain Supportive

Foreign demand is likely to drive spreads tighter despite healthy supply.


May 18, 2017

Municipals: Focus on Revenue Bonds

Monitoring credit implications of macro and micro factors.


May 18, 2017

Non-Agency Residential Mortgage-Backed Securities: Goldilocks Technicals Support Positive Outlook

Low supply, improving fundamentals, and investable scale form a constructive backdrop.


May 18, 2017

Rates: Keeping an Eye on Fed Tapering

Watch for a possible trade up in quality as credit spreads stay tight.


April 17, 2017

High-Yield and Bank Loan Outlook: Tight Spreads Call for Caution

We expect investors to harvest gains unless we see more concrete legislative progress on fiscal policy in Washington.


February 17, 2017

Post-Crisis Tights

With CLO debt at post-crisis tights, we prefer less credit risk and spread duration.


February 17, 2017

Prepayment Risk Diminishes

The likelihood that rates will rise means that prepayment risk has decreased dramatically.


February 17, 2017

Vanishing Spreads Amid Refi Activity

Tighter loan spreads cause some concern, but the gradual increase in Libor keeps loans looking attractive.







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