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Tag "credit"

U.S. Structured Credit Outlook

U.S. Structured Credit Outlook

🕔10:10, 1.Feb 2023

We believe non-agency RMBS bonds will present a very attractive investment opportunity in 2023. Prepayment-sensitive assets (e.g., agency IOs) provide a particularly compelling diversification story due to the countercyclical nature of the sector, in our view. Our current base case

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Outlook for bonds brighter; growth concerns linger

Outlook for bonds brighter; growth concerns linger

🕔16:09, 31.Jan 2023

Quarterly macro and market insights: Markets rebounded in the fourth quarter of 2022, closing a year marked by high volatility as the US Federal Reserve (Fed) reset its monetary policy path. US equities gained, credit spreads tightened and interest rate

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Impact Investing in Credit: Debunking Four Common Misconceptions

Impact Investing in Credit: Debunking Four Common Misconceptions

🕔09:53, 18.Jan 2023

Fixed Income Impact portfolios can be flexibly managed to client objectives Increasingly, companies are being measured not only by their earnings and cash flow, but according to the effect their activities have on the environment and society. As a result,

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Perspective of GBP investor

Perspective of GBP investor

🕔10:33, 16.Jan 2023

2022 summary: the combination of rising risk-free yields and wider spreads resulted in the worst year in IG credit since at least 1970s. History suggests a better …

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Bedrijfsobligaties uit opkomende markten beginnen te schitteren

Bedrijfsobligaties uit opkomende markten beginnen te schitteren

🕔10:47, 30.Dec 2022

Obligaties uit opkomende markten bieden enkele van de aantrekkelijkste rendementen ten opzichte van risico sinds vele jaren, vooral in het licht van de sterke fundamentals van bedrijven en de economie. Professionele beleggers zeggen al lachend dat het VK een opkomende

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Semiconductors: The Road Ahead

Semiconductors: The Road Ahead

🕔12:06, 26.Dec 2022

In mid-September we moved our fundamental outlook for the semiconductor industry to declining, based on the expectation of slowing demand and the fact that inventory levels were well above historical averages across multiple end markets and channel distributors. Only a

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Te duur wanbetalingsrisico biedt kansen voor obligaties uit opkomende landen

Te duur wanbetalingsrisico biedt kansen voor obligaties uit opkomende landen

🕔14:29, 9.Dec 2022

Obligaties uit opkomende markten werden getroffen door inflatie, renterisico's, een stijgende dollar en geopolitieke spanningen. Maar de bezorgdheid over wanbetaling is overdreven. Beleggers in obligaties uit opkomende markten hebben zelden te maken gehad met een meer complexe economische en geopolitieke

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The case for investment grade corporate bonds

The case for investment grade corporate bonds

🕔10:58, 9.Dec 2022

Key takeaways Investment grade corporate bonds could play a vital role in terms of adding balance and resilience as part of a core fixed income allocation within a balanced portfolio. The asset class has provided an attractive alternative to developed

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Flexible fixed income: The pursuit of consistent income streams

Flexible fixed income: The pursuit of consistent income streams

🕔15:56, 21.Nov 2022

Generating income is a key role of fixed income. For investors, the durability of income streams becomes more important amid heightened volatility in both equity and bond markets. Capital Group portfolio manager Damien McCann provides context around …

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Obligaties lonken

Obligaties lonken

🕔10:51, 21.Nov 2022

De reële rendementen zijn in alle klassen van vastrentende waarden sterk gestegen. Dat schept voor beleggers kansen die we al jaren niet meer gezien hebben. Vastrentende waarden maken een heropleving door. Beleggers worden steeds vaker vergoed voor risico's – en

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Duurzaamheid blijft belangrijk in opkomende obligatiemarkten

Duurzaamheid blijft belangrijk in opkomende obligatiemarkten

🕔08:40, 18.Nov 2022

In een verder ongunstige omgeving voor obligatieemittenten en -beleggers ziet de toekomst voor obligaties uit opkomende markten er zonder twijfel groen uit. Stijgende wereldwijde rentes en volatiele markten hebben zwaar gewogen op zowel het aanbod van als de vraag naar

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Schroders Credit Lens – Perspective of EUR investor

Schroders Credit Lens – Perspective of EUR investor

🕔12:24, 17.Nov 2022

Credit spreads have narrowed again, especially in the US. Valuations remain more compelling in European credit. While US HY index spread has narrowed, lowest-rated CCC bonds are underperforming and dispersion between issuers is rising. Rising risk-free yields and wider spreads

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Duurzaamheid blijft belangrijk in opkomende obligatiemarkten

Duurzaamheid blijft belangrijk in opkomende obligatiemarkten

🕔12:06, 11.Nov 2022

In een verder ongunstige omgeving voor obligatieemittenten en -beleggers ziet de toekomst voor obligaties uit opkomende markten er zonder twijfel groen uit. Stijgende wereldwijde rentes en volatiele markten hebben zwaar gewogen op zowel het aanbod van als de vraag naar

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Attractive opportunities remain across four key credit markets

Attractive opportunities remain across four key credit markets

🕔14:26, 25.Oct 2022

It has been a challenging year for fixed income markets in 2022 amid rising inflation and slowing global growth. While uncertainty is likely to remain elevated, today’s starting yields offer an attractive entry point for long-term investors. Yields across sectors

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Fixed income at Capital Group: Targeting predictable outcomes to deliver on expectations

Fixed income at Capital Group: Targeting predictable outcomes to deliver on expectations

🕔12:16, 25.Oct 2022

Mike Gitlin, Capital Group’s head of fixed income, sets out the importance of investing in bond funds that deliver on their stated objective. He also explains what differentiates Capital Group from industry peers. We’ve heard you talk about the four

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Cyclical Outlook: Prevailing Under Pressure

Cyclical Outlook: Prevailing Under Pressure

🕔09:10, 25.Oct 2022

Our baseline cyclical forecast includes shallow recessions and rising unemployment across large developed markets, with growth unlikely to bounce back quickly. Central bankers appear squarely focused on …

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The evergreen appeal of high yield bonds

The evergreen appeal of high yield bonds

🕔08:24, 14.Oct 2022

High yield bonds are frequently misunderstood, with an undeserved reputation for being high risk. We view them as a hybrid asset class, sitting between equity and traditional debt markets. In our view, high yield bonds exhibit compelling …

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Waarschuwing over reële rendementen voor risicovollere vastrentende waarden

Waarschuwing over reële rendementen voor risicovollere vastrentende waarden

🕔14:23, 7.Oct 2022

De ontwikkeling van de reële obligatierendementen en de break-evenrentes op inflatiebeschermde obligaties geven aan hoe de rest van de vastrentende markt zal presteren. Dat is nu bijzonder relevant. Reële rendementen zijn altijd belangrijk. Maar obligatiebeleggers besteden best extra aandacht aan

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Future-Facing Commodities: Essential to the Energy Transition

Future-Facing Commodities: Essential to the Energy Transition

🕔10:54, 7.Oct 2022

According to the International Energy Agency, in order to meet the Paris Agreement’s goals (climate stabilization at “well below” 2 degrees Celsius global temperature rise), mineral requirements for clean energy technologies would need to quadruple by 2040. In addition, in

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Bracing for a hard landing

Bracing for a hard landing

🕔16:13, 29.Sep 2022

Global Asset Allocation Insights Inflation is still stubbornly high, meaning the Fed and the ECB are keeping their feet pressed down on the hawkish pedal for now. However, growth data is turning sharply negative in developed markets as the consumer

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Credit Cracks: High Yield Fundamentals and Default Risk

Credit Cracks: High Yield Fundamentals and Default Risk

🕔09:47, 16.Sep 2022

Companies are facing a number of macro headwinds and ongoing margin pressures. While this environment can be challenging, we think many high yield companies are wellpositioned to navigate an economic slowdown given low leverage, healthy balance sheets and few near-term

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Share the Credit An Introduction to a Huge, Established, But Untapped Debt Market

Share the Credit An Introduction to a Huge, Established, But Untapped Debt Market

🕔08:20, 15.Aug 2022

When describing credit markets, investors and investment managers often define the available universe as synonymous with the public bond markets (and, perhaps, middle market and other leveraged loans). Seemingly unnoticed by investors, however, is that the allocation and provision of

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Credit Factor Investing with Machine Learning techniques

Credit Factor Investing with Machine Learning techniques

🕔10:32, 9.Aug 2022

Abstract The most common models to assess asset returns are a linear combination of risk factors. We have employed tree-based machine learning algorithms to capture nonlinearities and detect interaction effects among risk factors in the EUR and USD credit space.

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From pain to gain

From pain to gain

🕔14:01, 27.Jul 2022

In our previous outlook, we encouraged investors to tune out “noise” and focus on “signal” — economic and asset class fundamentals evidenced in hard data. We continue to endorse this approach, but acknowledge that even the most diligent followers of

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Credit Factor Investing with Machine Learning techniques

Credit Factor Investing with Machine Learning techniques

🕔14:02, 20.Jul 2022

Explaining portfolio returns through Fama-French-Carhart models supposes linearity between returns and risk factors. It makes it possible to simply identify relationships as a linear combination of factors, while in reality, these relationships could be much more complex. In support of

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Look to credit opportunities amid bond market rout

Look to credit opportunities amid bond market rout

🕔08:00, 11.Jul 2022

It is no secret that 2022 has been challenging for fixed income investors. High inflation and the US Federal Reserve (Fed)’s initiation of interest rate hikes have weighed on markets. Nevertheless, the broad credit universe provides ample opportunities for investors

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Credit investing amid heightened market volatility: is now the time to invest in investment grade corporate bonds?

Credit investing amid heightened market volatility: is now the time to invest in investment grade corporate bonds?

🕔10:51, 6.Jul 2022

It has been a rocky start to the year for credit in 2022, with both year-to-date total and excess returns being starkly negative. What started as a duration-driven selloff has been exacerbated by macro headwinds including high inflation, the Russia-Ukraine

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An open letter to Mario Draghi

An open letter to Mario Draghi

🕔12:22, 5.Jul 2022

Dear Mr Draghi, After a busy couple of months leading a fractious Italian government through various crises, you must be looking forward to a well-deserved summer holiday. Before you and your team leave for the beach, the ECB is preparing

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Why should you consider owning bonds now?

Why should you consider owning bonds now?

🕔10:58, 4.Jul 2022

The extent of the Q1 drawdown in fixed income markets was both large and rare relative to history. The aftermath of the pandemic and the conflict in Ukraine propelled inflation in developed markets around the world to multi-decade highs. In

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Active Versus Passive in Global Funds

Active Versus Passive in Global Funds

🕔15:39, 29.Jun 2022

Growing uncertainty in markets has rekindled the age-old “active vs. passive” debate. In 2017, PIMCO published results of an exhaustive study that showed active U.S. bond mutual funds had largely outperformed their median passive peers over many years, whereas active

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High Yield: Harvesting Income

High Yield: Harvesting Income

🕔10:11, 21.Jun 2022

For most risk assets, total return is achieved predominantly via capital price return, but not in high yield. Over long-term periods, income tends to drive the bulk of the total return for high yield bonds. In fact, over 100% of

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Core Bond: No Time to Die

Core Bond: No Time to Die

🕔10:16, 10.May 2022

Following the bond market’s recent beating, term yields have already priced in aggressive Fed rate hikes, positioning core bonds to effectively diversify credit risk.

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De-risking: If Not Now, When?

De-risking: If Not Now, When?

🕔15:58, 3.May 2022

Strong funded ratios and higher interest rates are prompting many corporate pension plan sponsors to shift assets to LDI strategies. If you’re still waiting, consider a hedging portfolio built on public corporate credit, complemented with non-traditional hedging assets.

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A Time for Defensiveness

A Time for Defensiveness

🕔10:32, 2.May 2022

Credit markets came under pressure again in March, with most fixed income asset classes generating negative total returns, although excess returns were mostly positive. Treasury yields traded sharply higher, and the yield curve flattened, with two- and 10-year Treasury yields

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The U.S. loan market continued to recover ground

The U.S. loan market continued to recover ground

🕔14:12, 11.Apr 2022

Voya Leveraged Credit Group – Senior Loan Talking Points: The U.S. loan market continued to recover ground lost in February, as the S&P/LSTA Leveraged Loan Index (the “Index”) returned 0.54% for the seven-day period ended March 31. The Index saw

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What the Chinese Policy Pivot Means for Asia Credit

What the Chinese Policy Pivot Means for Asia Credit

🕔08:01, 6.Apr 2022

After a tough year for China’s property market, there have been recent signs that Beijing’s policy stance is now turning more supportive for the sector. Although a repeat of the massive stimulus of 2015/16 is unlikely, we now expect the

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Standing by our prudent strategy

Standing by our prudent strategy

🕔17:45, 30.Mar 2022

Uncertainty still surrounds the Ukraine war and its economic fallout The world's major economies went into the current crisis with fairly sound fundamentals, positive growth and low unemployment. Several were still enjoying the boost from withdrawing social distancing measures introduced

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Investor demand for loans kicked into a higher gear this week

Investor demand for loans kicked into a higher gear this week

🕔08:43, 29.Mar 2022

Voya Leveraged Credit Group – Senior Loan Talking Points: Following a period of weakness related to geopolitical tension and largely negative broad market sentiment, the U.S. loan market performed in strong fashion this week, as the S&P/LSTA Leveraged Loan Index

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Spreiding domineert: hoe obligatiebeleggers kunnen profiteren van de idiosyncrasieën van opkomende markten

Spreiding domineert: hoe obligatiebeleggers kunnen profiteren van de idiosyncrasieën van opkomende markten

🕔12:13, 18.Mar 2022

Omdat de landen die het universum van obligaties uit opkomende markten vormen zo sterk van elkaar verschillen, moeten beleggers een absolute-return benadering overwegen. Naarmate het economische klimaat in 2021 versomberde en er stormen dreigden voor 2022, maakten beleggers zich steeds

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Credit Suisse Global Investment Returns Yearbook 2022 Summary Edition

Credit Suisse Global Investment Returns Yearbook 2022 Summary Edition

🕔11:13, 8.Mar 2022

This Summary Edition contains three extracts from the full Credit Suisse Global Investment Returns Yearbook 2022. The first extract explains the Yearbook’s purpose. It describes the DMS Database, which lies at its core and covers all the main asset categories

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Surviving and Thriving As US Credit Markets Transition

Surviving and Thriving As US Credit Markets Transition

🕔16:30, 7.Mar 2022

I'm often asked to give my perspective on the current environment. Before I do, I'd like to take a step back. During most of my career, you could take credit or interest rate risk and do relatively well. This last

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Engelandvaarders, een uitstapje naar bedrijfsobligaties in Britse ponden voor extra rendement

Engelandvaarders, een uitstapje naar bedrijfsobligaties in Britse ponden voor extra rendement

🕔08:40, 23.Feb 2022

IN DEZE UPDATE Marktbeeld Spreads bedrijfsobligaties liepen met 11 basispunten op Inflatie mogelijk minder tijdelijk Black Friday: Omikron ECB: PEPP eindigt eind maart 2022 Outperformance van cyclische consumentenbedrijven, vastgoed negatieve uitzondering Semistaat en gedekte obligaties bewogen mee met swaps

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Surviving and Thriving As US Credit Markets Transition

Surviving and Thriving As US Credit Markets Transition

🕔16:05, 21.Feb 2022

I'm often asked to give my perspective on the current environment. Before I do, I'd like to take a step back. During most of my career, you could take credit or interest rate risk and do relatively well. This last

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ESG in de Praktijk Stéphane Rüegg over krediet

ESG in de Praktijk Stéphane Rüegg over krediet

🕔14:18, 7.Jan 2022

Kredietexpert Stéphane Rüegg bespreekt wat zijn klanten denken, de ontluikende groene obligatiemarkt en zijn zeer persoonlijke kijk op verantwoord beleggen. Waarom is duurzaam beleggen belangrijk voor u?  Ik werd me daarvan bewust op verschillende manieren. Eerst en vooral herinner ik

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A tough week for Turkey

A tough week for Turkey

🕔10:38, 5.Jan 2022

Macro / government bonds All three major central banks making decisions last week have demonstrated that they no longer regard the downside risks to economic activity over the coming months as outweighing the need to address inflation pressure.

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What went up…must come down (hopefully)!

What went up…must come down (hopefully)!

🕔11:48, 22.Dec 2021

I wonder if anyone at the start of the year would have predicted that US inflation would have risen to 6.8% y/y in November? If we had expected this, you would have thought that bond yields would have traded at

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Yields lower, curves flatter & stronger dollar.

Yields lower, curves flatter & stronger dollar.

🕔09:34, 14.Dec 2021

Core government bond yields were lower and yield curves flatter last week (see chart of the week). More hawkish rhetoric from the recently reappointed Chair of the US Federal Reserve has upset the short end of markets, forcing yields higher.

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How to dismantle a conglomerate.

How to dismantle a conglomerate.

🕔14:58, 10.Dec 2021

If you are looking for market volatility to spice up your week then core government bond markets would be a good place to start. After last weeks ‘communication breakdown’ between central banks and investors, and more dovish policy response, that

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Swapshop.

Swapshop.

🕔10:22, 1.Dec 2021

Core government bond markets were a little calmer last week with yields a shade lower. This week should be relatively quiet as the US celebrates Thanksgiving on Thursday. We also expect the US President to announce if Jay Powell will

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The next phase for private credit markets

The next phase for private credit markets

🕔11:49, 25.Nov 2021

The changing landscape The resilience and adaptability of the asset class during the ongoing COVID-19 pandemic has helped to cement private credit’s permanence in the minds of strategic asset allocators, with private markets proving their value to investors in balancing

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