All Blog articles – Page 2
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Blog
Fusion Ignition and its Impact Implications
Given the discernible, positive impact of existing decarbonization technologies, the importance of investments in nuclear fusion will only grow with time.
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Blog
The Surprising Lack of ESG in ESG-Labeled Real Estate Bonds
Our analysis of “requalified” bonds and REIT issuances, with proceeds allocated to purchasing green buildings, suggests they don’t provide the positive impact ESG investors are seeking.
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Green Bank Bonds: Abuse of Proceeds?
We see three reasons why investors should treat Green, Social, and Sustainability (GSS) bonds’ claims to ESG eligibility with skepticism.
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A Fresh Approach to Analyzing Bank Capital Bonds
2022’s volatility taught investors that, to certain bank issuers and regulators, the economics of voluntary bond redemptions outweigh the reputational cost of not calling bank capital securities.
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Beyond the Muni Bond Bounce
Early 2023 has brought a more favorable backdrop for municipal bonds, prompting investors to consider whether the market rally is sustainable or just a bear market bounce.
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Fed Reignites the Search for Yield
Bolstered by broadening expectations for moderation in growth and inflation data, the Fed’s February meeting reignited the market’s search for yield and fueled the rally in risk assets.
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ECB in Pole Position to Over-Tighten in 2023
One narrative of 2022 was that central banks, including the ECB, were “behind the curve,” in their inflation fight. If this was right, financial conditions would need to tighten notably in 2023.
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Blog
Opportunities That Lie Beyond The Low-Default Era
The broad effects from the collective reduction in central bank liquidity will mark the end of the low-default era and the revival of a multi-year cycle.
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Yield is Destiny; Bonds are Back
Bond investors shouldn’t lose sight of the fact 2022’s historic increase in bond yields could lead to bond returns in the next decade that are two to three times higher than the prior decade.
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Blog
Credit Selection Supports the Allure of European Loans
The fourth post in a series on European high yield culminates with our views on how the asset class may perform under certain scenarios.
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Blog
European High Yield—Planning for Yields to Peak Soon
In the first of a series of European high yield posts, we assess the sector’s compelling characteristics and compare them to our expectations for monetary policy and inflation.
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European High Yield in the Era of Inflation
In our third post on the opportunities in European high yield, we place this year’s jump in yields in the context of our expectations for inflation to peak soon and decline thereafter.
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Benign Defaults to Buoy European High Yield
The second post in a series on European high yield demonstrates that default concerns and forecasts require context regarding the macro backdrop and how these projections are constructed.
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Blog
The Extending Chain Reaction of Dollar Dominance
Strength in the U.S. dollar historically leads to anticipation about its effects on commodity prices and the prospects for the emerging markets. However, as monetary policy rates diverge and Europe’s energy crisis intensifies, the dollar’s significant appreciation against the Japanese yen and the euro points to an extending chain reaction.
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Blog
Dispatches from Cairo: Bitter Medicine for Stronger Growth
”It is a medicine with a very bitter taste, but it will make us stronger.” – Taxi driver commenting on the Egyptian government’s policies.
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Blog
EDITORIAL | Smartening up cities
Cities are people magnets! And – given ongoing urbanisation – evidence shows their power to attract is ever increasing. Some 56% of the worldʼs 7.9 billion people already live in cities, and the number of urban dwellers will swell dramatically in the coming decades.
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Blog
“Friend-shoring:” Does Regional Retrenchment Herald Lower EM Growth?
Just as the world economy was recovering from COVID-19, 2022 brought fresh challenges. Russia’s invasion of Ukraine, higher energy prices, food shortages and protectionist tensions all weigh on emerging-market (EM) growth. As a result, the IMF lowered its EM growth outlook for 2022 from +4.8% in January to +3.8% in April.
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Blog
Ukraine conflict: a turning point for energy security?
In our recent post on the effects of the Ukraine conflict on real assets, we touched on the potential long-term implications for European clean-energy markets. In this blog, we look at how European policymakers are not only aiming to achieve their climate objectives but also support energy security.
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Blog
Ukraine conflict: UK real estate impacts
In our latest blog on the conflict in Ukraine, we examine the immediate effect on the UK institutional real estate market and make some tentative observations on potential long-term implications for real assets.
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Blog
Hotels in Asia-Pacific: Investors Seek Bargains Even as Borders Stay Closed
While recovery of the hospitality sector in Asia-Pacic remains muted, fund managers with the capacity and resources for patience are betting big on a rebound
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