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 Mortgage-Backed Securities: Same Risk, Less Reward

Negative net supply, insatiable demand, and risk retention requirements compress AAA/BBB spreads.


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

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.







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