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Fixed Income Insights
Premium bonds may offer better relative value
Investors often favor par bonds over premium bonds, believing that a lower dollar price will translate into higher returns. While par bonds may have a lower dollar price, premium bonds may offer a higher actual rate of return in various market scenarios. The two types of bonds are priced and perform differently, as we discuss in this paper.
Fixed Income Insights
ABS: Uncovering Opportunities Beyond the (IG) Index
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Amid an ongoing search for yield and with a number of potential risks on the horizon, there may be benefits to exploring opportunities outside of traditional corporate and government bonds—such as certain parts of the asset-backed securities (ABS) universe.
Regulatory Education
Thought Leadership Report: Enforcement and Litigation Risks
This article provides a high-level overview of how the SEC enforces the federal securities laws and the rules thereunder, and the enforcement and litigation risks presented by the rulemaking package.
Fixed Income Insights
IG CLOs: Strong Excess Return Potential, Lower Volatility
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IG CLOs can offer investors the benefits of spread pick-up and lower mark-to-market volatility, largely due to underlying collateral performance and structural security. But above all, manager selection is critical—even at the highest-rated tranches.
Fixed Income Insights
Are High Yield Investors Being Compensated for Risks?
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In the context of today’s fundamental backdrop and default outlook, spread levels suggest investors are being fairly compensated, relative to other points in the cycle, for the amount of risk they are taking.
Fixed Income Insights
Emerging Markets Sovereign Debt: Does Active Management Pay?
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The performance of Emerging Markets Sovereign Debt can—and does—vary widely from country to country. In this piece, Barings’ Cem Karacadag explores how an active approach can be key to selecting the most attractive opportunities, while also avoiding the bad apples.
Fixed Income Insights
Weekly Fixed Income Commentary: Treasury yields decline as markets assess political discord
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U.S. Treasury yields fell slightly last week, led by 2-year maturities. Political concerns weighed on market sentiment, and escalating U.S./ China trade tensions and weakening consumer confidence data added to investor concerns.
Fixed Income Insights
Weekly Fixed Income Commentary: Treasury yields decline, but stop short of a broader risk-off move
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U.S. Treasury yields dropped significantly last week, led by longer maturities. As expected, the Federal Reserve (Fed) cut rates, although future guidance regarding policy was unclear.
Regulatory Education
Thought Leadership Report: The New SEC Standards
This article provides a high-level summary of the rulemaking package and explores its implications for registered investment advisors and dual registrants.
Fixed Income Insights
Weekly Fixed Income Commentary: Treasury yields rise on improving trade, shifting Fed outlook
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U.S. Treasury yields rose dramatically last week, led by longer maturities. Several maturity ranges experienced their largest weekly increase since late 2016. Investor sentiment was bolstered by an improving outlook for U.S./China trade and near certain expectations for another Federal Reserve (Fed) rate cut this week.