All Credit articles – Page 11
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White papersInvesting in quality credit for net zero
An eventful start to 2023 saw sticky inflation and a banking crisis on the macro front, and further government action in climate policy. We review the landscape for corporate bond investors in the net-zero transition during an action-packed first quarter.
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White papersThe decade ahead for private credit
In this special issue of Private Debt Investor, Nuveen CEO Jose Minaya and Churchill President and CEO Ken Kencel reflect on the evolution of private credit over the past decade: today, it has not only become an established part of the institutional investor allocation mix, but is increasingly seen as the primary source of financing for middle market companies and their private equity owners. Having proven its worth to the market, the industry is set for further change and growth.
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White papersInstitutional Ownership and the Resolution of Financial Distress
We analyze the distressed firm’s decision between Chapter 11 and an exchange offer. We construct a comprehensive data set on the financial characteristics and capital structure of 269 distressed firms, which, unlike previous studies, uses quarterly information and includes exhaustive data on equity and bond ownership by institutional investors.
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White papersWhy the next economic recovery may be stronger than expected
Three questions have weighed on investors’ minds for months: Will there be a recession? How bad will it be? And what comes next?
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White papersIs the Consumer Cracking?
News from the consumer sector reveals intriguing trends, as well as the importance of credit and security selection in today’s complex market environment.
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White papersActively exploiting potential in fallen angels
Fallen angels fall for a reason; understanding the reason through an active approach helps avoid bonds that are likely to suffer from further downgrades and detract from performance. We delve into why credit analysis is key and illustrate our approach with two case studies.
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White papersOpportunities across the credit spectrum for multi-sector income investors
As central banks near the end of hiking cycles, the environment is becoming increasingly supportive for fixed income.
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White papersCIO views: positioned for a credit crunch?
One fallout from the banking crisis is less credit flowing to the economy amid general risk aversion. What ramifications could tighter lending conditions have on growth and companies? Our CIOs consider how to best position for a potential credit crunch and what attractive options exist other than reducing exposure to risk assets.
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White papersThe Bank of England Buys Itself Time
The Bank of England unsurprisingly raised its policy rate by 25 bps at its May meeting, but the Bank’s messaging distinguished it from the Fed’s and the ECB’s decisions last week.
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PodcastAll the Credit, Ep. 39: Down to the Wire
Daleep Singh examines the U.S. debt-ceiling crisis, potential outcomes, and probabilities.
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White papersMacroeconomics, Geopolitics, and Strategy - May 2023
Will real bond yields come back down?
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White papersOur key takeaways from IMF’s Spring meetings
Investor sentiment is downbeat, but not overly bearish. With tightening credit conditions, our US growth outlook is lower compared to the IMF’s, while we are more optimistic on China. This supports a cautious stance and a search for opportunities across the emerging world, starting with China.
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PodcastPossible Pause After Latest Hike?
Jeff Weaver, head of Global Liquidity Solutions, and Henri Proutt, portfolio specialist for the Global Liquidity Solutions team, discuss the May 3, 2023, interest rate hike by the FOMC, or Federal Open Market Committee.
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White papersA paradigm shift for European debt
Private debt funds are filling the gap left by bank retrenchment, says Sandrine Richard, Head of private debt at Generali Investments Partners
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White papersECB: Not Pausing―Yet
The ECB’s May rate hike was all about avoiding surprises and distinguishing itself from the Fed’s dovish message the day before. With inflation still high, the ECB “is not pausing.”
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White papersDon’t Bank on Bank Loans in 2023
As bond yields rose in 2022, investors sought refuge in high-yield bank loans, whose floating coupons are often heralded as an antidote to rising rates. But with conditions shaping up differently in 2023, bank loans may face challenges. We think income-seeking investors should instead consider a more diversified approach that balances rate and credit risks. Here’s why.
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White papersThe Fed Gazes into a Spinning Compass
The Fed raised its policy rate by another 25 bps at its May meeting and hinted that its hiking campaign may have concluded. However, Chair Powell also understandably conveyed some uncertainty.
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PodcastAll The Credit, Ep. 38: Outlook on China
A discussion on China’s re-opening, growth forecast, and more.
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White papersCombining sustainability and outperformance with credit factor investing
What is the ex-ante impact of different sustainable investment approaches on the alpha of a credit portfolio? And what can investors do who want both outperformance and sustainable credit investments? Credit factor investing provides a solution to both questions.
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White papersHow could tighter bank lending impact growth?
In the latest instalment of Simply put, where we make macro calls with a multi-asset perspective, we consider how the banking crisis will impact the credit channel to the economy. How could a contraction in bank loans lower US GDP?
