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Finding Opportunities After the Rebound

Finding Opportunities After the Rebound

🕔15:15, 27.Nov 2020

T. Rowe Price Insights on Global Markets Our portfolio managers see selective potential in a range of asset classes. Even for those of us who saw reasons for hope this past spring, the market’s resilience in the face of the

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Vaccines shape 2021 outlook

Vaccines shape 2021 outlook

🕔09:26, 24.Nov 2020

"We still like high yield for income. On a tactical horizon, we strongly prefer high yield for its income and more room for spread tightening. We are neutral on IG and underweight emerging market debt."

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COVID-19 Has Transformed the U.S. High Yield Opportunity Set

COVID-19 Has Transformed the U.S. High Yield Opportunity Set

🕔14:57, 20.Nov 2020

T. Rowe Price Insights on Fixed Income Downgrades and defaults have had a major impact on the asset class Record volumes of credit downgrades and a sharp spike in defaults have reconfigured the U.S. high yield bond market in the

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UBP – Webinar – High Yield Valuation Educational Webinar

🕔09:00, 18.Nov 2020

Webinar – High Yield Valuation Educational Webinar 1 HY: fundamentals and valuations 2 Why GHYS is uniquely positioned for the future Programme 09.00 AM High Yield: Fundamentals and current valuations Bernard McGrath / Senior Fixed Income Specialist; UBP How expensive

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More fallen angels ahead in Europe?

More fallen angels ahead in Europe?

🕔15:00, 16.Nov 2020

“Global default rates are rising and likely to continue into 2021. But we think the full impact may be muted by the significant fiscal and monetary intervention seen from governments and central banks.”

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Flexibility Is Invaluable During Difficult Periods

Flexibility Is Invaluable During Difficult Periods

🕔11:22, 6.Nov 2020

T. Rowe Price Insights on Global Fixed Income Riskier, less liquid securities can bring substantial benefits. When seeking to generate steady bond income during turbulent times, a little flexibility can go a long way. The freedom to invest in a wide

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COVID-19 has transformed the US high yield opportunity set

COVID-19 has transformed the US high yield opportunity set

🕔07:46, 20.Oct 2020

Credit Outlook  Downgrades and defaults have had a major impact on the asset class Record volumes of credit downgrades and a sharp spike in defaults have reconfigured the US high yield bond market in the wake of the coronavirus. This

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Implications of the global debt explosion

Implications of the global debt explosion

🕔09:48, 8.Oct 2020

European Gazette  Global debt was at an unprecedented level before Covid-19. With the subsequent policy response injecting liquidity into most parts of the world economy, the debt predicament is set for a worse path. We explore the implications for sovereigns,

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Welcome to a new high yield universe

Welcome to a new high yield universe

🕔07:48, 7.Oct 2020

European Gazette / Summer 2020 As we started Q4 in 2019, we saw the economic cycle coming to an end. We were slightly perturbed that markets wanted to be quite bullish as Q3 numbers showed firms meeting and beating expectations.

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Softening high-yield fundamentals signal caution following Q2 rebound

Softening high-yield fundamentals signal caution following Q2 rebound

🕔07:39, 27.Aug 2020

Following a historic plunge in Q1, US high-yield corporate bonds delivered strong gains in Q2. The intervention of governments and central banks provided unprecedented support for global financial markets and bolstered investors’ appetite for risk. The market showed technical strength

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High yield update

High yield update

🕔11:36, 13.Aug 2020

High-yield bonds often deliver strong returns following a period of crisis – why is that and will it happen in the wake of COVID-19? Due to a higher-risk nature of its constituents (including the greater risk of default), the high-yield

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Risk-averse market tone proves pervasive

Risk-averse market tone proves pervasive

🕔09:25, 6.Jul 2020

U.S. Treasury yields ended the week modestly lower, led by longer maturities. Markets appeared focused on escalating coronavirus concerns, despite generally stronger U.S. economic data. Rising U.S. virus cases are stoking fears of another lock down and associated slowing in economic

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What shape recovery?

What shape recovery?

🕔13:16, 29.Jun 2020

In Credit  It was a week of data releases and an opportunity to get a glimpse as to whether an economic recovery is underway. The evidence would so far suggest that this …

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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

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ESG Deepens Insights in European High Yield

ESG Deepens Insights in European High Yield

🕔12:51, 11.Jun 2020

KEY INSIGHTS ESG factors are incorporated into the research process, serving as an important input into decision‑making. The growing importance of ESG in Europe is having a trickle‑down effect on companies. Seeing a greater awareness of ESG among high yield companies,

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What asset classes should investors consider in times of great market uncertainty?

What asset classes should investors consider in times of great market uncertainty?

🕔09:15, 1.Jun 2020

Executive Summary The coronavirus crisis has understandably caused a great deal of unrest on the financial markets. This article examines the opportunities and threats at times when share prices have fallen sharply in a short period of time, spreads have

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Why now for US Short Duration High Yield Bonds?

Why now for US Short Duration High Yield Bonds?

🕔11:48, 20.May 2020

Strategy update The volatility of recent months pushed credit spreads well wide of historic norms, peaking around mid-march at levels last seen during the 2008/2009 Credit Crisis. In the face of this market turmoil, the broad US high yield market

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Investing in an uncertain world

Investing in an uncertain world

🕔13:53, 1.May 2020

The Big Picture Is this a buying opportunity or the half-way stage in a larger slump? The truth is we don’t know, so we have constructed a range of scenarios that see the S&P 500 anywhere between 1400 and 3000 in 12

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Prepare for ZIRP: What Letter Shape is Your Recovery?

Prepare for ZIRP: What Letter Shape is Your Recovery?

🕔09:08, 27.Apr 2020

While much uncertainty remains, one aspect of the COVID-19 market shock is clear: The Fed will not stand in the way of the economic recovery. By the end of March, the COVID-19 global pandemic had a deep and profound effect on virtually

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Revisiting the global high yield outlook in the wake of the COVID-19 pandemic

Revisiting the global high yield outlook in the wake of the COVID-19 pandemic

🕔14:39, 24.Apr 2020

Global HY markets sold off aggressively between February and March in response to the COVID-19 outbreak, the oil price war and the liquidity freeze in some markets. An analysis of past peak-and-trough episodes in the US HY market shows that

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Covid-19 update: European high yield market moves

Covid-19 update: European high yield market moves

🕔09:38, 13.Apr 2020

A case of “darkest before dawn?”  March was a rollercoaster ride for European high yield investors. The market had fallen 20% by the middle of the month, and had recovered to be down 15% since the start of the year

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Eurizon – Webinar – High Yield Bonds

🕔10:30, 9.Apr 2020

Webinar – High Yield Bonds High Yield Bonds – “Sorting the wheat from the chaff” During the global financial crisis in 2008 liquidity was directed to support the financial system. With the COVID-19 virus this liquidity is directed to support

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Global Market Outlook – Q2 update

Global Market Outlook – Q2 update

🕔08:28, 30.Mar 2020

Cycle, Further, Interrupted. The COVID-19 virus has stalled the mini-cycle rebound and made a global recession likely. While the duration of the virus pandemic is unpredictable, policy stimulus, pent-up demand and a lack of major imbalances argue for a solid

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ECB commits to COVID19 support

ECB commits to COVID19 support

🕔16:18, 27.Mar 2020

Time for a rethink

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High-Yield Bonds: Analyzing the Risk and Return Tradeoff When Rates are Negative

High-Yield Bonds: Analyzing the Risk and Return Tradeoff When Rates are Negative

🕔15:53, 20.Mar 2020

Qontigo Applied Research White Paper In a world where some investors pay the government for the privilege of lending it money—and where even fixed income securities with the lowest investment-grade credit ratings yield barely more than 1% per annum—the “hunt

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DPAM – Webinar – Global Fixed Income markets update

🕔11:00, 20.Mar 2020

Webinar – Global Fixed Income markets update The ECB surprised markets this morning by announcing an emergency EUR 750 billion lifeline to mitigate the COVID19’s economic repercussions and support the European economy. Though sizeable, investors are left to wonder whether

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USD Fixed Income looks attractive from a carry perspective

USD Fixed Income looks attractive from a carry perspective

🕔07:44, 18.Mar 2020

Update: Yield-Duration Heatmap – 09/03/20 vs. 02/03/20

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Fixed Income Monthly

Fixed Income Monthly

🕔07:43, 16.Mar 2020

Monthly Review Sovereign bond yields reached record lows as the outbreak of the coronavirus in Europe initiated a large sell-off globally. 10-year US Treasury yields posted another big monthly decline and outperformed other markets, driven by safe haven demand. German Bund and UK

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Clear differentiation indispensable

Clear differentiation indispensable

🕔16:00, 5.Mar 2020

High-yield market remains supported by favourable capital market environment The market for EUR bonds from non-financial companies with speculative rating has been growing steadily in recent years. The expansive monetary policy of the ECB has strongly contributed to this, causing

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Modestly constructive amid accommodative policies and signs of stabilisation

Modestly constructive amid accommodative policies and signs of stabilisation

🕔16:02, 28.Feb 2020

Quarterly macro and market insights Our macro outlook for 2020 is modestly constructive. Recent clarity around certain geopolitical risks has been helpful. Specifically, progress in the initial phase of a US-China trade deal and a decisive result in the December

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Rising risk aversion, falling bond yields

Rising risk aversion, falling bond yields

🕔15:01, 26.Feb 2020

In Credit –  24 FEBRUARY 2020 Macro / government bonds Core bond yields continue to drift lower in a ‘bull flattening’ amid fears about the spread of the COVIC-19 coronavirus outside of China and most recently in Italy and Korea.

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Bank Loans: Strategic Allocation

Bank Loans: Strategic Allocation

🕔17:16, 24.Feb 2020

Investable bank loans are floating-rate loans made to speculative-grade issuers that theoretically constitute a safer alternative to high yield bonds. Because bank loans pay a floating interest rate, they provide a hedge against rising short- term interest rates. In addition

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Superior yield in a dislocated world

Superior yield in a dislocated world

🕔12:48, 21.Feb 2020

Cocos in 2020  In our view, growth appears to have reached an inflection point and is showing signs of a stabilisation, central bank policy remains extremely accommodative and recessionary risks are abating. However, we also see a world where corporate

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2020 – Will the economy survive the politics?

2020 – Will the economy survive the politics?

🕔10:59, 20.Feb 2020

In this issue New year, new decade, we’re off to the races. None of the doom-and-gloom predictions materialized in 2019. Trade tensions did not spiral into out-of-control trade wars, new tariffs did not have a major macroeconomic impact, the US

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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,

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Give me income….any income.

Give me income….any income.

🕔12:39, 28.Jan 2020

Give me income….any income. Macro/government bondsConcernsaboutthe spread of a deadly coronavirus from China has amplified market risk aversion in the last couple of weeks. Notably, Asian markets are weaker as is the price of oil. This has provided support for

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All quiet on the UK high street.

All quiet on the UK high street.

🕔15:07, 22.Jan 2020

In Credit

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Low Economic Volatility May Continue Supporting Credit

Low Economic Volatility May Continue Supporting Credit

🕔07:56, 21.Jan 2020

Weekly view from the desk Although some regarded last week’s U.S. non-farm payroll report as disappointing, we regarded it as a solid indicator of what the U.S. economy needs to maintain its trend-like growth. Last year’s monthly payroll average of

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2020 outlook: on a wing and a prayer

2020 outlook: on a wing and a prayer

🕔16:54, 20.Jan 2020

The Big Picture 2019 has been a good year with strong returns on a broad range of assets. The global economy has decelerated but we hope policy easing will stabilise things during 2020 (the wing and a prayer). Our favoured

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Supply begets demand

Supply begets demand

🕔14:59, 16.Jan 2020

In Credit 13 JANUARY 2020 Macro / government bonds The rise (and subsequent fall) in tensions and combative rhetoric in the Middle East has been the key driver for ‘risk ‘free’ assets such as core government bonds. All in all, bonds

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Will the Reflation Theme Continue in 2020?

Will the Reflation Theme Continue in 2020?

🕔17:24, 13.Jan 2020

KEY INSIGHTS ■ Economic rebound still fragile as hard data continues to be soft. ■ Dispersion in performance of credit markets likely to continue. ■ Environment for emerging market countries supportive, but headline risks remain.

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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

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Slowdown in the subcontinent

Slowdown in the subcontinent

🕔13:50, 7.Dec 2019

In Credit 2 DECEMBER 2019  The Thanksgiving holiday meant it was a shorter and quieter week in core bond markets with little discernible direction. It was also a light week for data releases or political developments. In the US, the Chicago

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European relative yield

European relative yield

🕔07:45, 28.Nov 2019

European high yield spreads are still above their long-term tights, but that doesn’t take quality into account. Are fundamentals robust enough to justify taking more risks?

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High yield in a broad perspective

High yield in a broad perspective

🕔09:32, 27.Nov 2019

The size of the fixed-income investment markets has grown considerably over the past decade. Existing investment classes have grown significantly, but also new fixed-income asset classes have become available to investors. The accommodative policy of central banks with low interest

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Gunpowder, treason & plot.

Gunpowder, treason & plot.

🕔18:11, 7.Nov 2019

Macro / government bonds We got the first reading of US GDP for Q3 last week. The economy is actually growing stronger than expected at 1.9% q/q annualised (exp 1.6% / 2.0% in Q2). It remains propped up by a

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Junk or jewel? Assessing the role of high-yield bonds in a diversified portfolio

Junk or jewel? Assessing the role of high-yield bonds in a diversified portfolio

🕔18:59, 4.Nov 2019

High-yield bonds, which represent the debt financing of companies rated below investment grade by the primary rating agencies (Ba1 or lower for Moody’s Investors Service, BB+ or lower for Standard & Poor’s), carry greater issuer risk than traditional fixed income

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High Yield Bond Opportunities Are Going Global

High Yield Bond Opportunities Are Going Global

🕔07:46, 25.Oct 2019

A truly global high yield strategy can provide diversification. Fixed income investors may want to focus on higher-yielding, sub-investment-grade strategies as global central banks shift back into monetary easing, pushing yields on high-quality investment-grade bonds to very low—or negative—levels. In

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What happens to high yield bonds in times of market stress

What happens to high yield bonds in times of market stress

🕔18:01, 23.Oct 2019

We look at whether investors are right to be wary of high yield bonds amid rising macroeconomic and geopolitical uncertainty The current macroeconomic backdrop is creating challenges for investors. Global growth is slower and inflation is benign. Meanwhile, central banks

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Pensioen Pro – Leven en beleggen in tijden van lage rente

🕔11:30, 3.Oct 2019

Als het om pensioenen gaat, is de rente allesbepalend. Wat gebeurt er op rentegebied, wat te doen bij stijgende/dalende rentes, hoe zit het met de reële rente en wat zijn de laatste inzichten op gebied van matching en vastrentende beleggingen?

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