The CMBS market is finally growing, but recent storms and transaction structures highlight broad market complacency.
While year-to-date sales volumes lag last year’s totals, originations continue at a strong pace.
Average credit fundamentals are improving, but we remain cautious of valuations and weaker credits.
We expect spreads to tighten further, but disciplined investors should wait for better opportunities.
Credit discipline is paramount as technical strength continues to drive the municipal bond market.
Fundamental improvements should support credit-blemished loans, but tight valuations favor capital structure seniority.
We continue to believe that the yield curve will flatten further and that a barbell position is appropriate.
Positive earnings growth has improved fundamentals, but our research shows where to look for potential credit weakness in high-yield corporate bonds.
Fed policy—and the market’s reaction to it—will be a key driver of opportunities in 2018.
We favor senior CLO debt and well-protected ABS as the credit cycle ages.
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