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Fixed Income Insights
CLOs: A Bias Toward Quality
CLOs continued their rebound in the third quarter, but the potential for volatility going forward is high. In this environment, there may be benefits to moving up in quality.
Fixed Income Insights
High Yield: Halfway There?
The shock was the story in the first quarter, the stimulus was the story in the second—but we’re decidedly not yet in the post-COVID era, and the path to economic recovery remains unclear. What does that mean for high yield?
Fixed Income Insights
EMD: A Strong Tailwind, But Risks on the Horizon
Segments of the EM debt market have been bright spots in fixed income this year. Will EMs outperform DMs in the months ahead—or are the risks too great? It may come down to country and credit selection.
Market Outlooks
Weekly Macro Update: Deal or No Deal?
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Several nations around the world await deals, whether it is another fiscal stimulus package or a trade agreement between the U.K. and EU. Global inflation data is likely to remain contained, and U.S. September retail sales are expected to post another modest rise.
Fixed Income Insights
The Evolving Opportunity in Distressed Debt
As the pandemic recedes, some companies may have a harder time managing higher debt levels than others—and as weaker issuers undergo restructurings or other stressed situations, there may be opportunities for investors to deploy more capital into distressed debt strategies.
Market Outlooks
Weekly Macro Update: The Impact of COVID-19 on Commercial Real Estate Capital Markets
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While the Global Financial Crisis indiscriminately impacted volumes and pricing across commercial property types, the impact of the pandemic on capital markets, has been more selective, widening the gulf between “winner” and “loser” property types.
Market Outlooks
Weekly Macro Update: A Promising Update on the Vaccine we are All Waiting for
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We believe there is good reason to be optimistic. The global effort to develop a vaccine for COVID-19 has progressed at an incredible speed and is breathtaking when put in the context of vaccine development, which typically takes around a decade.
Fixed Income Insights
Weekly Macro Update: TikTok on the Clock, Now Don’t Let Fiscal Stimulus Stop
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TikTok may be the tip of the iceberg as the U.S. recommends tech companies remove Chinese apps from their app stores. Uncertainty around the next stimulus package may continue to weigh on consumer spending as we expect weaker data for July.
Market Outlooks
Weekly Macro Update: ESG in Mining: A Quiet Revolution is Surfacing
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But the advances underway are rapidly making the industry safer, more efficient and more sustainable.
Market Outlooks
EMD: Further Room to Run?
Emerging markets debt rallied strongly in the second quarter—and while risks remain ever-present, the asset class may benefit from continued monetary stimulus and the potential for a sharper economic bounce-back in the second half of the year.
Market Outlooks
Investment Grade Credit
Whatever It Takes: After the historic rollercoaster ride IG credit took in the first quarter, U.S. policymakers seem to have won the day, at least for now—with their own version of the phrase made famous by former ECB President Mario Draghi: Whatever it takes.
Market Outlooks
CLOs: Looking Down the Road to Recovery
CLOs rallied in the second quarter as liquidity returned and supply/demand dynamics began to normalize. While opportunities have emerged—particularly in high-rated tranches and new issue BBs—active management is key.