While high-yield bond spreads have recovered some of the ground they lost in the fourth quarter, we caution against adding too much spread duration at this point in the cycle.
Complacent markets learned a valuable lesson in December as panicked investors found buyers had vanished.
Municipal bonds weathered fourth quarter volatility better than other fixed-income sectors, but careful selection remains key.
Wider spreads and inconsistent liquidity belie positive long-run fundamentals.
With one more rate hike expected by our macro research group, we believe this is the beginning of the end of the upward move in rates.
An uptick in corporate defaults in 2019 will mark the beginning of a prolonged period of stress in the corporate bond market.
The market shrugged off the Fed’s withdrawal as a buyer, but sector volatility could spike if prepayments rise.
CLO new issuance is on track for a record year; esoteric ABS gains in popularity.
Bank loans delivered positive returns in the third quarter with secondary loan discount margins tightening over the quarter.
With CMBS issuance dropping off due to competition from banks and insurers, investors are turning to CRE CLOs.
Follow Scott Minerd
You are now leaving this website.Guggenheim assumes no responsibility of the content or its accuracy.
Your browser does not support iframes.
2022 Guggenheim Partners, LLC. All rights reserved. Guggenheim, Guggenheim Partners and
Innovative Solutions. Enduring Values. are registered trademarks of Guggenheim Capital, LLC.
how your browser accepts cookies; please see your browser help documentation for more