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Fixed Income Insights
Weekly Fixed Income Commentary: Treasury yields rise on economic optimism
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Positive risk sentiment boosted U.S. Treasury yields last week, led by longer maturities. Investors appear optimistic over an expected rebound in growth as the economy reopens.
Fixed Income Insights
Weekly Fixed Income Commentary: Treasury yields mixed despite social turmoil
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Long U.S. Treasury yields ended last week slightly higher, while shorter-maturity yields finished lower.
Fixed Income Insights
EM Short-dated Debt: A Diamond in the Rough?
COVID-19 and lower oil prices have led to indiscriminate selling across EM corporate debt, creating a potentially compelling opportunity in the shorter-dated, higher-yielding segment of the market.
Fixed Income Insights
What's Next for Private Credit?
Now that the proverbial rubber has met the road, many investors are questioning what’s in store for private credit in the months (and years) ahead. In many ways, the current volatility is setting the stage for significant opportunities—but managing the downside is critical.
Fixed Income Insights
Weekly Fixed Income Commentary: Treasury yields rise on hopes for a vaccine
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U.S. Treasury yields rose last week, as investors expressed optimism regarding developing a COVID-19 vaccine. The first 20-year Treasury issue in decades was auctioned on Wednesday, with the issue’s yield ending the week slightly lower.
Fixed Income Insights
Weekly Fixed Income Commentary: Treasury yields decline on dismal consumer data
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Treasury yields fell last week, led by longer maturities. Markets focused on a record monthly decline in core consumer goods, despite better-than-expected sentiment and manufacturing data.
Fixed Income Insights
CLOs: Volatility Continues, But Value Opportunities Emerge
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As macro volatility continued to pummel markets throughout the first quarter, CLOs felt the effects—with dramatic price moves among tranches as investors clamored for liquidity. But we believe that those who invest with an active manager and take a long-term view will benefit.
Fixed Income Insights
High Yield: Finding Value in a Landscape Rife with Risk
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Concerns surrounding COVID-19, lower oil prices and a global recession have weighed heavily on markets—including global high yield bonds and leveraged loans. While value opportunities are emerging, the landscape is punctuated with risks that must be carefully navigated.
Fixed Income Insights
Investment Grade Credit Markets Make an About-Face
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As investment grade markets pivot sharply, with spreads reaching their widest level in over a decade, investors turn disproportionately toward quality and liquidity.
Fixed Income Insights
Distressed Debt: Despite Challenges, Opportunities Persist
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Recent market and economic volatility may be the trigger that distressed debt investors have been waiting for, but capitalizing on opportunities will require a different playbook than those of past cycles.