All Active articles – Page 15
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A Time Bomb It’s Not
Despite elevated leverage, many BBBs have the firepower to forestall the dreaded downgrade to high yield.
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Some great companies and attractive valuations offer opportunities in Europe
Following strong performance in 2017, European markets retreated in 2018 – a sell-off that was markedly similar to the 2015-16 downturn, when industrials, miners, banks, commodities and emerging markets plummeted by 30% or more
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Riding the shared economy wave
Pioneers of peer-to-peer economies such as Uber and Airbnb are changing consumer behaviours and disrupting industries from travel to finance. There will be winners and losers
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Lessons from a decade of bank bailouts
Both the US and the UK moved fast to clean up bank balance sheets – Europe, however, delayed and so will face the next downturn from a weaker position
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Europe’s ‘shrinking state’ offers investor opportunities
Private sector efficiency can result in a good deal for both the public and investors
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Responsible Investment Quarterly
The contents of this issue, covers Q4 2018.
Foreword from Iain Richards, Head of Responsible Investment
Portfolio Manager Viewpoint – Investing for a changing world: a sustainable equities outlook, by Pauline Grange, Portfolio Manager, and Rose Beale, Thematic Analyst.
A new age of infrastructure, by Ingrid Edmund, Senior Portfolio Manager
Airports flying high: a social perspective, by Ben Kelly, Senior Thematic Analyst
SASB update: codification of standards, by Mac Ryerse, Lead Analyst (US), and Chris Anker, Lead Analyst (EMEA) -
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What rapidly ageing populations mean for investors
This issue will not just affect older people – all of society will be impacted by a shrinking workforce and a dominant older demographic.
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Southeast Asia poised to gain from trade wars
Domestic manufacturers in Southeast Asia are likely winners in the trade war and from a trend among multinationals towards reducing dependence on China.
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New technology is reshaping Asia beyond China
Innovation is rapidly transforming the economies of Southeast Asia and the behaviour of its young and increasingly wealthy populations.
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European equities: targeting positive returns in an uncertain climate
A decade after the financial crisis, the uncertain economic conditions it ushered in are starving Europe’s investors of returns.
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In Credit - Life in the slow lane
Government bonds remain supported by evidence of a slowing in the global economy. This was reflected in the decline in Machine Tool Orders in Japan (See chart of the week), which were lower by 29% on an annual basis at the most recent reading. The US market outperformed last week with yields falling by 4bps for 10-year bonds.
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Default Probability Measure
In a world of integrated global financial markets, accurately predicting company default risk is important not only in traditional fixed income credit analysis but also more broadly across the financial industry.
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ECB—Surprisingly Dovish on Several Counts
If anyone thought the European Central Bank (ECB) would approach the current economic soft patch as business as usual, the ECB swiftly proved them wrong. The central bank surprised the market with a package that is designed to impress and stamp out skepticism that the ECB may be out of ammunition with policy rates already in much-criticized negative territory and having just stopped its bond purchases at year end.
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The Fed’s Challenge of Squaring the Dots
Since December 2018, the Federal Reserve’s change in stance stabilized the markets, breaking a cycle of tightening financial conditions that threatened the wellbeing of the mature economic expansion.
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The LIBOR Transition
Planning for the market’s transition from the London Interbank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR) has accelerated recently, but substantial uncertainty remains as to how and when the conversion of nearly $370 trillion of financial products will occur.
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Chinese consumers: your country needs you
Consumption now accounts for over half China’s economy, but spending is decreasing
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How Airports Are Flying High: A Social Perspective
Holding airport bonds in our social strategies often raises questions. But aviation brings huge social and economic benefits, and is making great environmental strides
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Fed Shift from “Put” to “Collar” Bodes Well for Spread Product
PGIM Fixed Income discusses the Federal Reserve’s implicit adoption of a “market-collar” approach, becoming more accommodative when markets become too risk averse (the well-recognized “Fed put”) and removing accommodation if markets become too ebullient (the “Fed cap”).
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Applications of ESG to Securitized Assets
Commonly cited ESG concerns, such as labor practices, corruption, corporate governance, and environmental stewardship, do not prominently feature in many assets common to securitization.
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Africa’s Rising Debt: A Storm in a Teacup?
The growth of government debt in Africa has accelerated in recent years, giving it renewed prominence in the debate amongst investors, international organizations, and policy-makers. A major point of contention among the investor community is whether African countries risk falling into the same problems that they faced in the late 1990s-early 2000s and if another round of debt restructuring will consequently be needed. In this paper, PGIM Fixed Income analyzes the external debt situation and outlook for Africa.