Back to homepage

Posts From Pine Bridge

Bubble, or Structural Imbalance?

Bubble, or Structural Imbalance?

🕔08:09, 11.Feb 2021

Determining whether or not we’re in the midst of a bubble has become topical. In our view, bubbles result when the pool of available liquidity becomes overly concentrated into a narrow space. During the Roaring Twenties, for instance, the Dow ballooned to six times its starting size between 1921 and 1929. On the other side of …

Read Full Article
Brightening Outlook Propels Credit Market Rally

Brightening Outlook Propels Credit Market Rally

🕔15:46, 18.Jan 2021

Brightening Outlook Propels Credit Market Rally Fixed Income Asset Allocation Insights Credit markets continued to rally into December, and valuations now fairly reflect optimism that we are firmly on the path toward economic and earnings recovery. While these conditions would

Read Full Article
Gridlock Could Yield ‘Goldilocks’ Market Scenario

Gridlock Could Yield ‘Goldilocks’ Market Scenario

🕔15:05, 18.Nov 2020

Fixed Income Asset Allocation Insights   Credit spreads have mostly remained around fair value, with investors readopting a buy-on-the-dip bias as they weigh conflicting positive and negative fundamental trends. On the positive side, a Biden presidency coupled with the likelihood of

Read Full Article
Something Familiar, Something New

Something Familiar, Something New

🕔07:44, 6.Aug 2020

Capital Market Line   Quarterly Five-Year Forecast of Relative Risk and Return Across Asset Classes While the spiking number of Covid-19 cases in the US West and South are cause for concern, built-up consumer demand and nascent recoveries in autos, housing

Read Full Article
Quarterly Five-Year Forecast of Relative Risk and Return Across Asset Classes

Quarterly Five-Year Forecast of Relative Risk and Return Across Asset Classes

🕔11:23, 20.Jul 2020

Something Familiar, Something New While the spiking number of Covid-19 cases in the US West and South are cause for concern, built-up consumer demand and nascent recoveries in autos, housing and manufacturing are signs that recovery is still on its

Read Full Article
An Improving Economy Favors High Yield

An Improving Economy Favors High Yield

🕔14:55, 17.Jul 2020

Fixed Income Asset Allocation Insights  Rising from incredibly low levels, improving economic data that suggest the imminent start of a recovery drove a sustained rebound in most fixed income asset classes in June. Markets remain highly dependent on the …

Read Full Article
High Yield Issuance Sets Records Amid Optimism

High Yield Issuance Sets Records Amid Optimism

🕔09:23, 25.Jun 2020

Driving optimism in June have been a variety of better-than-anticipated economic reports. Most notably, nonfarm employment rose by 2.5 million, leading to a downtick in the unemployment rate. ISM manufacturing and non-manufacturing surveys each moved up in May. And most

Read Full Article
2020 Midyear Fixed Income Outlook: A Policy-Driven Snapback

2020 Midyear Fixed Income Outlook: A Policy-Driven Snapback

🕔08:03, 17.Jun 2020

We entered 2020 with expectations of substantially lower, but positive, beta returns following a near-ideal year for asset returns across the xed income spectrum. As the coronavirus took hold and benign economic expectations gave way to severe disruptions, March saw

Read Full Article
2020 Midyear Multi-Asset Outlook: Brightening SkiesAsset Outlook: Brightening Skies

2020 Midyear Multi-Asset Outlook: Brightening SkiesAsset Outlook: Brightening Skies

🕔15:13, 16.Jun 2020

At the start of this year, last year’s recessionary fears were being forgotten: risk assets had rallied in the fourth quarter, with rosier economic data shining through in January and February. Enter the coronavirus. Amid the turmoil, we kept our

Read Full Article
2020 Midyear Equities Outlook: Getting Back on Track

2020 Midyear Equities Outlook: Getting Back on Track

🕔13:20, 16.Jun 2020

Equity markets experienced the sharpest drop since the global nancial crisis amid shuttered businesses, decimated consumer condence, and unprecedented uncertainties about the outlook. Markets were “disrupted but not derailed,” due to swift actions from governments and the major central banks,

Read Full Article
Fiscal and Monetary Collaboration: So Complex, It’s Really Very Simple

Fiscal and Monetary Collaboration: So Complex, It’s Really Very Simple

🕔13:12, 4.Jun 2020

To help buffer their economies from the damage caused by Covid-19, most countries have launched both fiscal and monetary policy thrusts. While driven by common objectives, the optics of these moves – with fiscal authorities issuing massive amounts of debt

Read Full Article
Four Reasons Why Smaller Institutions Should Consider a Leveraged Finance Allocation

Four Reasons Why Smaller Institutions Should Consider a Leveraged Finance Allocation

🕔14:39, 15.May 2020

Institutional investors relying solely on a core bond or similar all-in-one approach for their fixed income exposure may be missing out on an important investment opportunity set: leveraged finance assets, which include key below-investmentgrade market segments such as high-yield corporate

Read Full Article
Leveraged Finance Asset Allocation Insights

Leveraged Finance Asset Allocation Insights

🕔14:23, 15.May 2020

Bright Signs Amid the Gloom Spreads on high yield bonds and bank loans rallied sharply in April, with index levels 100-200 basis points (bps) tighter compared to quarter-end and nearly 400 bps inside of the mid-March wides. On the negative

Read Full Article
Taking Stock of Japanese Small Caps

Taking Stock of Japanese Small Caps

🕔16:58, 27.Apr 2020

The coronavirus panic, falling oil prices and a weaker domestic economy largely inuenced the recent Japanese market correction. However, we believe global and domestic cyclicals are well positioned for the eventual recovery.   The current performance of the Japanese markets

Read Full Article
In Unsettled Asian Markets, the Beauty of Volatility is Opportunity

In Unsettled Asian Markets, the Beauty of Volatility is Opportunity

🕔15:55, 27.Apr 2020

Behind the volatility lients have asked us about the difference between the Global Financial Crisis (GFC) and the crisis we face today. During the GFC, control of the recovery was largely in the hands of the government bailing out troubled

Read Full Article
How Quantifying ESG Risks in Developed Markets Fixed Income May Enhance Investor Outcomes

How Quantifying ESG Risks in Developed Markets Fixed Income May Enhance Investor Outcomes

🕔07:32, 23.Apr 2020

Our Key Risk Indicators (KRIs) bridge the gap between sustainability disclosure standards such as those set by the Sustainability Accounting Standards Board (SASB) and quantifiable ESG trends developed specifically with investment analysis in mind. The following is an update of

Read Full Article
Asia Equities: The Pandemic Shall Pass, But So Shall the Opportunity

Asia Equities: The Pandemic Shall Pass, But So Shall the Opportunity

🕔10:02, 16.Apr 2020

Given the unprecedented scale of disruption caused by the coronavirus pandemic, which has shut down most segments of the global economy in ways not seen since the Second World War, investment models based on past economic slowdowns or macro theme-based

Read Full Article
Covid-19 Sends Us Back to an Early-Cycle Economy at Stall Speed

Covid-19 Sends Us Back to an Early-Cycle Economy at Stall Speed

🕔08:43, 13.Apr 2020

Capital Market Line   We were eagerly awaiting the first quarter of 2020 to demonstrate that 2019 merely marked a slowdown, not the onset of a late-cycle recession. While we’ve been proponents of the global economy’s mid-cycle status, we had acknowledged

Read Full Article
Indian Equity Market: Navigating With Prudence and Simplicity

Indian Equity Market: Navigating With Prudence and Simplicity

🕔14:36, 8.Apr 2020

The Indian equity market has not been immune to indiscriminate selling due to coronavirus pandemic fears. But while headwinds have picked up for Indian equities in line with global peers, as long-term investors in India, we believe the market continues

Read Full Article
China: A Gradual Recovery Underway

China: A Gradual Recovery Underway

🕔12:45, 8.Apr 2020

Going into 2020, we expected China’s economy to modestly decelerate from the 6.1% pace of growth in 2019, but to cyclically improve as headwinds from the US-China trade war subsided. The coronavirus outbreak presented a signicant exogenous shock to China’s

Read Full Article
We Can’t Go Home Again

We Can’t Go Home Again

🕔05:36, 2.Apr 2020

Markets continue to be dominated by COVID-19. In the early weeks of March, Imperial College’s initial projections of huge numbers of deaths if intensive care units (ICUs) were to overflow coincided with grim news out of Italy, where such scenarios

Read Full Article
The Global Growth Marathon

The Global Growth Marathon

🕔16:18, 20.Mar 2020

Capital Market Line   Last year proved to be a turning point. Word of an imminent trade deal between the US and China represented a peak in trade escalation and uncertainty. Global manufacturing – the epicenter of the trade war –

Read Full Article
Coronavirus Update: Our Response and Asset Class Positioning

Coronavirus Update: Our Response and Asset Class Positioning

🕔09:08, 19.Mar 2020

As a global organization, PineBridge is focused on the health and safety of our employees and servicing our client portfolios as the coronavirus (COVID-19) pandemic unfolds. We are closely monitoring developments in all regions to follow this evolving situation and

Read Full Article
The Clock Is Ticking on Libor: What It Means for US Syndicated Loans and CLOs

The Clock Is Ticking on Libor: What It Means for US Syndicated Loans and CLOs

🕔08:29, 13.Mar 2020

The London Interbank Offered Rate (Libor), the most widely referenced short-term interest rate in the world, is set to be phased out after 2021 owing to concerns about its subjectivity. Given the magnitude of financial contracts tied to US Libor,

Read Full Article
Strong Technicals Could Drive Leveraged Finance Rally

Strong Technicals Could Drive Leveraged Finance Rally

🕔11:35, 30.Jan 2020

Leveraged Finance Asset Allocation Insights Spreads on high yield bonds, bank loans, and CLO debt tranches continued to tighten throughout the first few weeks of January amid a backdrop of consistently positive macroeconomic data, a signed Phase One US-China trade agreement,

Read Full Article
The Global Growth Marathon

The Global Growth Marathon

🕔09:44, 20.Jan 2020

Capital Market Line Last year proved to be a turning point. Word of an imminent trade deal between the US and China represented a peak in trade escalation and uncertainty. Global manufacturing – the epicenter of the trade war – began to

Read Full Article
Fiscal Is Coming! What Will Be Its Impact on Markets?

Fiscal Is Coming! What Will Be Its Impact on Markets?

🕔14:08, 9.Jan 2020

In a post-crisis economy characterized by insufficient demand and a liquidity trap, few would have prescribed a policy mix of torrential monetary accommodation teamed with tight fiscal spending. Yet that’s precisely what we got, spawning economic frustration and populism. Politicians

Read Full Article
Seizing Select Opportunities in Loans

Seizing Select Opportunities in Loans

🕔14:51, 8.Jan 2020

As the United States moved closer to a phase-one trade deal with China and investors looked past the quarter’s earnings trough into 2020’s expected rebound, the rally in high yield and loan spreads continued, and even accelerated. Notably, lower quality

Read Full Article
Capital Market Line: The Implications of Reopened Credit Spigots and a Trade Time-Out

Capital Market Line: The Implications of Reopened Credit Spigots and a Trade Time-Out

🕔13:32, 7.Jan 2020

Last quarter’s return of extremely accommodating monetary policies and the renewal of US-China trade talks were the two most signicant developments affecting our ve-year outlook as expressed in our Capital Market Line (CML). Since our CML focuses on how events

Read Full Article
China A-Shares: Perspectives From the Inside Out

China A-Shares: Perspectives From the Inside Out

🕔10:59, 2.Jan 2020

A large and liquid domestic equity market in China is shaping up to be one of the world’s biggest investable universes. To capture the generational opportunity of China A-shares, international investors need to navigate a unique environment that’s a source

Read Full Article
Rising Dispersion Creates Opportunities in Loans and High Yield

Rising Dispersion Creates Opportunities in Loans and High Yield

🕔11:27, 13.Dec 2019

While bank-loan total returns continue to trail those of high yield by a significant margin year to date, the asset class outperformed high-yield bonds in November amid a backdrop of higher Treasury rates and slowing retail outflows. Less susceptible to

Read Full Article
A Battle of Three Cycles

A Battle of Three Cycles

🕔17:42, 27.Nov 2019

In 2020, we see three forces in the global outlook: the macro, monetary policy, and political cycles. While the macro cycle is typically the dominant market influence, in 2020, we see monetary policy wielding the most sway. The political cycle

Read Full Article
The Third Time Should Be the Charm

The Third Time Should Be the Charm

🕔17:29, 26.Nov 2019

The end of this expansion’s third mini-slowdown and rebound in global PMI’s should lead to a greater rebound in cash flows than in GDP, like the prior two mini-slowdowns. A plateauing of trade hostilities, instead of outright reversals, is enough

Read Full Article
Putting Money to Work in the Age of Peak Investing

Putting Money to Work in the Age of Peak Investing

🕔11:36, 25.Nov 2019

Private Funds Outlook Amid the current environment of slowing growth, below-target inflation and ultra-low interest rates, highly levered financial engineering is likely to remain in vogue in 2020. In spite of these conditions, doors may open to smaller, mid-market transactions

Read Full Article
Cutting Through the Noise with Selectivity

Cutting Through the Noise with Selectivity

🕔08:07, 25.Nov 2019

The extended length of the current economic cycle obscures the many mini-cycles in industrial and consumer sectors – early identification of these periods can provide the potential for meaningful alpha opportunities. Companies that embrace digitalization, data capture and the use

Read Full Article
Stick With Quality as Economies Slow

Stick With Quality as Economies Slow

🕔11:47, 21.Nov 2019

Fixed Income Asset Allocation Insights  With credit spreads now largely in a fair valuation range, our current allocations remain unchanged. After cutting the federal funds rate by the anticipated 25 basis points (bps) and lowering the target range to 1.5%-1.75%,

Read Full Article
A Shift From Synchronized Returns to Dispersion – Fixed Income Outlook 2020

A Shift From Synchronized Returns to Dispersion – Fixed Income Outlook 2020

🕔10:41, 21.Nov 2019

It’s not likely the conditions of 2019 will be repeated, where safehaven government bonds as well as higher risk fixed income assets performed well. We expect 2020 to be marked by a continuation of bifurcated risk appetites, in which many

Read Full Article
Today’s Gloom, Tomorrow’s Opportunity

Today’s Gloom, Tomorrow’s Opportunity

🕔18:32, 18.Nov 2019

In the booming 1990s, it was fashionable to view every glass as half full. That didn’t end well. Today, gloom-meisters see problems under every rock. This approach isn’t paying dividends either, as one the longest and strongest bull markets ever

Read Full Article
Favoring Loans and CLOs Due to Attractive Valuations

Favoring Loans and CLOs Due to Attractive Valuations

🕔10:40, 18.Nov 2019

Leveraged Finance Asset Allocation Insights High-yield (HY) spreads were modestly wider in October, however, coupon income more than offset declines in prices and the asset class was able to generate positive total returns. Loan spreads and discount margins on collateralized

Read Full Article
How Low Can the Fed Go?

How Low Can the Fed Go?

🕔14:04, 31.Oct 2019

30 October 2019 Today’s rate cut to 1.75% by the Federal Open Market Committee has been a foregone conclusion. A still-uncertain global environment mixed in with sluggish readings from ination indicators and the manufacturing sector seemed enough for another “midcycle

Read Full Article
Emerging Markets Debt: Managing Idiosyncratic Risks, Capitalizing On Opportunities

Emerging Markets Debt: Managing Idiosyncratic Risks, Capitalizing On Opportunities

🕔12:13, 30.Oct 2019

Political upheavals, economic deterioration, and commodity-price turmoil. Investors used to perceive these idiosyncratic risks as a hallmark of investing in emerging markets (EM) debt. But emerging markets have come a long way since then. In aggregate, these countries are now

Read Full Article
The Implications of Reopened Credit Spigots and a Trade Time-Out

The Implications of Reopened Credit Spigots and a Trade Time-Out

🕔17:08, 24.Oct 2019

Last quarter’s return of extremely accommodating monetary policies and the renewal of US-China trade talks were the two most significant developments affecting our five-year outlook as expressed in our Capital Market Line (CML). Since our CML focuses on how events

Read Full Article
The Implications of Reopened Credit Spigots and a Trade Time-Out

The Implications of Reopened Credit Spigots and a Trade Time-Out

🕔08:00, 23.Oct 2019

Last quarter’s return of extremely accommodating monetary policies and the renewal of US-China trade talks were the two most significant developments affecting our five-year outlook as expressed in our Capital Market Line (CML). Since our CML focuses on how events

Read Full Article
China Icebergs: Forces That Could Reshape the World

China Icebergs: Forces That Could Reshape the World

🕔13:09, 18.Oct 2019

Chinese businesses are not just changing China, they are changing the world. This bespoke study dives into the dynamics that have led to the rise of new corporate giants, while at the same time uncovering trends, firms and drivers that

Read Full Article
Should fixed income investors hedge currency exposure in their portfolios?

Should fixed income investors hedge currency exposure in their portfolios?

🕔08:51, 11.Oct 2019

Should fixed income investors hedge currency exposure in their portfolios? That is the question – and the simple answer is “yes.” Yet, for investors looking to take currency exposure to generate additional return or to avoid hedging costs, we have

Read Full Article
Tilting Toward Higher Quality Credits

Tilting Toward Higher Quality Credits

🕔15:29, 10.Oct 2019

Credit spreads tightened in September after widening in August, although most asset classes remain around fair value. The dovish stance of central banks globally continued amid concerns about growth, Brexit, and risks of trade war escalation between the US and

Read Full Article
Mostly Quiet Ahead of Fourth-Quarter Volatility

Mostly Quiet Ahead of Fourth-Quarter Volatility

🕔08:37, 10.Oct 2019

US political news and uncertainties related to US-China trade policy continued to dominate headlines in September. Additionally, investors contended with attacks on Saudi oil fields, which led to a sharp, but short, spike in oil prices and turmoil in repo

Read Full Article
After the Saudi Attack, Is There Opportunity in Oil Futures?

After the Saudi Attack, Is There Opportunity in Oil Futures?

🕔07:36, 10.Oct 2019

The first reports from Saudi Arabia after drone attacks on its key Abqaiq and Khurais oil fields seemed grim. About half of Saudi production was lost, and the drones inflicted significant damage on two key types of equipment: spheroids and

Read Full Article
Disruption: The Implications of Going Cash-Free

Disruption: The Implications of Going Cash-Free

🕔13:27, 2.Oct 2019

What do emerging market giants China and India have in common with Nordic countries Norway and Sweden? These countries are leading the way to a cashless society. With the proliferation of credit cards, smartphones, and wireless broadband, transactions have never

Read Full Article
An Introduction to Collateralized Loan Obligations

An Introduction to Collateralized Loan Obligations

🕔14:48, 1.Oct 2019

Seeing Beyond the Complexity:  Collateralized loan obligations are robust, opportunity-rich debt instruments that offer the potential for aboveaverage returns versus other fixed income strategies. Here, we explore how these instruments work, as well as the benefits and risks investors should

Read Full Article

Search

Featured Events & Webinars

Events & Webinars

Twitter

"Has the tide finally turned for #emergingmarkets #equities after a decade of trailing #US markets? It’s a question we often hear." 5 reasons why EM equities could power ahead in #2021 by @CapitalGroup -> https://www.opiniopro.com/2021/02/capital-group/5-reasons-why-em-equities-could-power-ahead-in-2021/

The underperformance of Value vs. Growth stocks explained

From the winter edition of our VBA Journaal, written by Jeroen Kakebeeke RBA, Investment Risk Manager at PGGM
#valueinvesting #growthinvesting

https://nieuws.cfavba.nl/publicaties/the-underperformance-of-value-vs-growth-stocks-explained/4a37e54d-5361-11eb-8a1e-005056b303d3

Reflation, Flation, What’s Your Nation? https://www.etftrends.com/model-portfolio-channel/reflation-flation-whats-your-nation/ #ETF #tracker

Not many places to hide last week, but #cyclical sectors held up relatively well amidst the backup in rates.

#financials
#industrials
#energy

@FactSet data

#MoneyMarketFunds that lend to #PrivateSector borrowers experienced large withdrawals during the financial stress of March 2020, but cumulative outflows differed considerably across funds https://www.bis.org/publ/qtrpdf/r_qt2103b.htm

Load More...