All Corporate Bonds articles – Page 11
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White papersSeparating the wheat from the chaff in fixed income
Like most things in life, investing has its ups and downs. Prudent investors, especially those worried about losing money, but also people who prefer stability to volatility, often choose to invest in bonds – lending money to companies, governments and other entities for, hopefully, a consistent return.
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Asset Manager NewsImplications of the global debt explosion
Global debt was at an unprecedented level before Covid-19. With the subsequent policy response injecting liquidity into most parts of the world economy, the debt predicament is set for a worse path. We explore the implications for sovereigns, financials and corporates, particularly from the perspective of credit investors.
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White papersGiving credit to decarbonisation (part 1)
What are the hallmarks of best-practice carbon disclosures among corporate-bond issuers, and how can climate action positively impact the performance of companies?
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White papersECB QE Monitor - May 2020
Central Banks: interest rates near zero The Fed kept its interest rates unchanged. The ECB kept its interest rates unchanged. No movement on BoJ interest rates since 2016.
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White papersWhat We Already Know About The Recovery
And why bonds and stocks may not be pricing in such different outcomes.
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White papersNot created equal: Surveying investments in non-investment grade U.S. corporate
Institutional investors searching for yield and current income opportunities have increased their allocations to non-investment grade corporate bonds and loans. The case for investing in these assets is clear with the 10-year Treasury under 3% and historically low rates across the yield curve. Non-investment grade U.S. corporate debt has historically produced yields in the 6-10% range or greater.
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White papersWill COVID-19 lead to sustainable change?
The COVID-19 pandemic has led the world into the largest social distancing experiment in history. A USD 2 trillion US government stimulus programme and US Treasury yields below 1% are all the result of the crisis. In addition, oil prices have fallen to below USD 20 a barrel as demand destruction has exacerbated the effects of a collapse in OPEC’s pricing policy. Will the world go back to ‘status quo’ when we exit this dislocation? Probably not. We believe the learnings from the ‘go-remote’ experiment are here to stay. The implications for the future of energy, real estate, work, education, health care delivery and so forth are vast.
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White papersCorporate Hybrid Bonds for Insurance Investors
To overcome the low-yield problem, European insurers are eager to identify assets that offer the right balance between quality and return.
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White papersEuropean Research Flash Report
Global economic growth expectations for 2020 have been adjusted significantly downwards amid the spreading of the COVID- 19 virus and oil price decline. Based on this, at least some leading European economies are expected to go into recession in 2020. But, in contrast to the GFC, the current event-driven crisis could prove temporary as economic fundamentals were strong at its outset, possibly signalling a V-shaped recovery.
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White papersCorporate Hybrid Bonds Introduction
In this short video, Senior Portfolio Manager, Julian Marks offers an overview of corporate hybrid bond markets and outlines the philosophy and approach adopted across Neuberger Berman’s portfolios. He provides examples of the kinds of issuers the team typically consider and reviews current market conditions.
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White papersMarket Perspectives - Viral uncertainties March 2020
The Covid-19 virus is turning from a regional health crisis to a global issue; uncertainties about the global economic impact have been rising sharply. After weeks of resilience, equity markets have sold off in late February, catching up with the safe-haven rally in core bonds seen earlier.
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White papersESG Investing In Corporate Bonds: Mind The Gap
This research is the companion study of three previous research projects conducted at Amundi that address the issue of socially responsible investing (SRI) in the stockmarket (Berg et al., 2014; Bennani et al., 2018a; Drei et al., 2019). The underlying idea of this new study is to explore the impact of ESG investing on asset pricing in the corporate bond market.
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White papersAnother Breakthrough Year for China Bonds
The market made it into global indices but also broke records for defaults in 2019 and is facing uncertainty from the coronavirus: we take stock for 2020.
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White papersCredit selectivity at the fore in European high yield bond and senior loan investing
The European leveraged finance market is recognised for its potential to offer a compelling income advantage versus other, more traditional fixed income asset classes. Current market factors such as low default rates for speculative-grade debt and further stimulus from the European Central Bank are expected to continue to lend support to this asset class, which has enjoyed strong performance in 2019. Still, a prudent perspective would view the market as standing on relatively fragile ground in a period of low yields, lackluster economic activity and weakening growth outlook.
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White papersBuilding on 2019’s green bond resurgence
In almost whatever country you care to mention, climate change and social inequality are exploding into the public consciousness. Extinction Rebellion in the UK or the Gilets Jaune in Paris are just two of the more high-profile signs. Yet in the financial markets, too, green, social and sustainability bonds are growing in number and sophistication.
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White papersOutlook 2020: The Beauty of Symmetry
− Global growth is finding its feet, but a powerful upswing is not around the corner: risks such a Hard Brexit (still!) and the US elections are impediments to a meaningful capex recovery.
− 2019 was in many ways similar to 2016; but 2020 will not be a repeat of 2017. We expect equity gains to continue, but in a far more muted fashion.
− Central banks engineered a stunning risk rally in 2019; they will be less active in 2020. But nascent efforts to make inflation targets more symmetrical will remain a risk-friendly force. -
White papersStay agile amid diverging scenarios
After enjoying stellar performance this year, investors will increasingly question whether the global economy will proceed towards a trade war-engineered recession moving into 2020, thereby ending the longest ever bull market. Or, if growth stabilizes at a low level, and potentially rebounds, the cycle could extend even further.
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White papersECB QE2 Starts On A Strong Foot With A Tilt To The Private Sector
ECB QE2 started off on a strong foot, according to data released on Monday regarding the very first week of purchases. The overall increase in holdings of the four QE programmes was quite high for just one week relative to the announced monthly path of EUR 20 bn, as it totalled around half of this amount , at EUR 9 bn. Most of the increase in holdings was driven by the public sector (roughly EUR 4.5bn) and corporate bond programme, at almost EUR 2.8 bn. The CSPP portfolio expanded from EUR177.1bn at the end of October to EUR181.1bn on 8 November. With the data reflecting settled securities, this number should cover just four trading days of purchases.
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White papersCase for GDI – A Diversified Approach to Risk-Adjusted Income
Seeking to maximize income per-unit of risk with a dynamic, multi-asset multi-manager solution. The theme of late-cycle volatility, spurred by geopolitical tensions and slowing global growth, has been well documented. Low global interest rates continue to present challenges to meet income needs and control risk.
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White papersABS: Uncovering Opportunities Beyond the (IG) Index
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.
