All Credit articles
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White papersEuropean Private Credit: Positive Momentum
Barings’ Adam Wheeler describes the strong and improving conditions in the European private credit market that have led to increased deal flow and higher-quality structures in recent months.
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White papers
European credit outlook 2021: a world of uncertainty
European credit markets appear to have stabilised, as investors increasingly price in a perfect economic recovery alongside continuing monetary and fiscal support.
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White papers
Q2 2021 Investment View - Some like it hot
On the ground it does not feel like it just yet, as Europe battles with a third wave of infections, but markets are fast proceeding to the Covid crisis exit door. Too fast? We do not think so and see room for further rotation.
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White papers
Diversification through factor-based investing in corporate bonds
Allocations to factor-based strategies in corporate bonds have grown, with an expanding body of research demonstrating its advantages.
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White papers
Blog | Resolving the Canadian credit conundrum?
Canadian corporate bond yields hit new lows in January, led by the decline in high yield, as the chart below shows. Since the Bank of Canada (BoC) announced its QE programme would include corporate bonds, in April 2020, yields have fallen steadily, despite the COVID pandemic and the deep contraction in the economy in 2020 (now forecast to be 5.5% by the BoC).
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White papers
Private Credit: Boring is (Still) Beautiful
Barings’ Ian Fowler discusses the current state of the North American private credit market, including insights into deal activity, pricing, and how the Barings team is investing through the pandemic.
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White papers
End of the Fed’s Credit Support Facilities Is Positive
The cessation of the Fed’s corporate credit facilities, in our opinion, lowers the risk of unintended imbalances within credit markets that could potentially become a larger problem in the future.
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White papers
Podcast: The relative attractions of Euro Investment Grade Credit
Euro investment grade bonds are relatively safe investments that offer positive yield and little downside. Lower new issue volumes and ongoing ECB buying provide an appealing supply/ demand backdrop. The lower-quality end of the IG spectrum still offers room for spread compression.
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White papers
Rates Markets Are Normalizing
It is far too early for taper talk, in our view, but the bias of risk is still toward higher rates to come.
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White papers
European insurers: the case for going global in the credit allocation
In the hunt for yield, some years ago European investors started to allocate part of their credit exposure to dollar assets. However, many then put a stop to this diversification due to high hedging costs. In the context of the Covid-19 outbreak, the Fed cut rates to post-Lehman lows. Consequently, euro and dollar interest rates converged significantly, reducing hedging costs and making a case for broadening the investment universe from a European to a global base more attractive.
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Asset Manager News
Non-IG News: Earnings Trends in Non-IG Credit
During the early stages of the pandemic, most market participants and company managements were very concerned about the impact from mandated shutdowns and shelter-in-place orders on company revenues and bottom-line results.
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White papers
How private credit enhances returns while lowering risk
Private credit has until now been the preserve of large institutions, but that’s changing. We find out why.
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White papers
CIO EMEA Outlook 2021: Knowns And Unknowns After A Tumultuous Year
At the beginning of the year we were threatened with excitement, be that trade wars or ongoing political upheaval in the Europe and the US. None of us were prepared for a global pandemic.
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White papers
China Credits: Default Outlook From an Onshore Perspective
Changing government policy could impact default levels in 2021.
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White papers
Portfolio allocation in times of uncertainty
The temptation to react to every headline, every market move is often irresistible. Never more so than in an environment that screams uncertainty. But experience shows that successful investors have learned to stick to their strategies, regardless of bright, shiny objects that threaten to distract.
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White papers
Defining “New Normal” in Private Credit Markets
There is no doubt that COVID-19 and the volatility in the publicly traded markets have captivated everyone’s attention in recent months. Private credit markets are similarly dealing with unprecedented dynamics. This article reviews the historic magnitude of the dislocation and what might be in store for the future.
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White papers
Replay Webinar | Investing in credit 26 11 2020
Credit is set to play a significantly bigger role in the future of returns. Central banks’ support will continue to provide stability to the sector but companies’ fundamental are deteriorating and defaults are rising, how to set the scene in the current covid - disrupted credit environment? During this insightful debate, our boutiques’ experts analysed the credit space under various angles:
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White papers
High Demand, Tight Supply: Private Debt Post-Coronavirus
We think private debt fared well relative to publicly traded credit during the coronavirus volatility, but will really differentiate itself in the years following the crisis.
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White papers
Private Credit: How Healthy is Today’s Middle Market?
Barings’ Jon Bock weighs in on the current dynamics driving today’s private credit markets from deal activity, to leverage metrics, to spread levels, and discusses the pro’s and con’s of investment structures from public and private BDCs to commingled funds.
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White papers
#TheZero
With financial repression here to stay for what could be a prolonged period, there is a need to solve the problem of #TheZero.
